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May 4, 2021 · Fiduciary duties owed to your client are fundamental to the agency relationship. When your client permits or requests a modification of duties, they must understand the benefits and inherent risks involved. You must always have a full discussion with your clients, so they are able to make an informed decision that is in their best interests.
This FAQ explains each duty owed to you by a real estate professional and how that real estate professional must meet those obligations. When a real estate professional is hired to act on your behalf, whether in the purchase or sale of a property, to rent out a property you own, or even to act on behalf of a strata corporation you are involved with, there are a number of duties that are owed ...
Nov 7, 2023 · The standard Contract of Purchase and Sale (CPS) is a familiar form of contract. Parties in a transaction and their representatives have come to expect the standardized form of CPS when contracting for residential real estate. However, some clauses in the CPS can be confusing for buyers, sellers, and REALTORS® alike. In this two-part series ...
May 4, 2021 · Should a client and brokerage agree that the duties you owe need to be modified, it must be done in writing prior to acting on the modification. The Real Estate Services Rules provide for two ways to modify the duties owed: In the service agreement to reflect the modifications (this applies to all sectors of the real estate industry); or
The specific duties are listed under the Real Estate Rules, Division 2. Disclosure of Representation. Before a realtor can represent you in a real estate transaction, they must first disclose to you their duties and responsibilities, and provide you information on how to file a complaint about their conduct should they act unprofessionally.
Fiduciary duty is a legal obligation that requires a person or entity to act in the best interests of another party. In British Columbia, Canada, fiduciary duty is recognized and enforced by the courts in various contexts, including in the relationships between trustees and beneficiaries, directors and shareholders, and lawyers and clients.
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CBABC and the BC Real Estate Association hold joint copyright over the Standard Form Contracts of Purchase and Sale and related documents. They are available free of charge to CBA members. By accessing and using these forms, the CBA member acknowledges and agrees that these forms were developed by CBABC and BCREA for the use and reproduction by ...
