Buyers Agents in Vancouver Disclose Real Estate Commissions in Writing! The Remuneration Disclosure Document
Disclosure of Remuneration: What is that?
How a Realtor gets paid and by whom is always source of interest in Vancouver.
In British Columbia, Buyers Agents (ie Real Estate Agents who are representing a Buyer) must disclose in writing to the Buyer they are working with, how much they are being paid and by whom when they are preparing an offer or Contract of Purchase and Sale for a Buyer.
Buyers Agents are required to have a Buyer read over and initial a Real Estate Council of British Columbia provided Disclosure of Remuneration form. This is part of the duty of Full Disclosure that all Real Estate Agents in British Columbia have with their clients as part of the Agency Relationship. I have embedded two versions of the documents below for reference.
Who Pays the Buyers Agent?
9 times out 10, a BUYER DOES NOT PAY THEIR BUYERS AGENT! The Sellers Agent (or Listing Agent) will split the commission offered by the Seller with the Buyers Agent. The commission offered by the Seller is nearly always split 50/50 between the Buyers Agent and the Sellers Agent with a few percentage more going to the Sellers Agent to cover their costs of listing and marketing the property.
When does the Buyers Agent Get Paid?
The Buyers Agent gets paid on the Completion Date, which is when the title to the property the buyer wrote an offer or Contract of Purchase and Sale on transfers ownership at the Land Titles Office. This is after the Buyers offer or Contract of Purchase and Sale has been accepted by the Seller, the buyer is 100% satisfied with the property and has removed all subject conditions and the buyers and sellers lawyers have had sufficient time to prepare the transfer documentation.
How much does the Buyers Agent get Paid?
This amount varies because in Canada there is no set amount for Real Estate commissions according to the Federal Governments Competition Act. The Buyer always has a right to know how much their Real Estate Agent is getting paid (So ask if you want to know!) because they will initial Remuneration Disclosure.
First Time Home Buyer? Check out my Series of Videos with Great First Time Home Buyer Tips for Vancouver!
I STRONGLY ENCOURAGE QUESTIONS AND COMMENTS! Thanks!
I STRONGLY ENCOURAGE COMMENTS AND QUESTIONS!