Home buyers in Metro Vancouver and the Fraser Valley will soon know more about how many bids they are competing against on a property.
Starting July 17, the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board, and the Chilliwack and District Real Estate Board are implement
Realtors and the home sellers they represent must complete, sign and share with everyone who made an offer on the property.
The forms will list each of the competing offers that the home seller received and the name of the real estate brokerage of record that submitted an offer on a client’s behalf — but not the actual offer.
The disclosure form will not include the price of the various offers nor the conditions or reason the seller accepted or rejected a particular offer.
The board says this is because they want to protect a home seller’s negotiating position in the event that the sale fails to complete after accepting an offer.
“This new form will help confirm and bring comfort to prospective home buyers in the region that every offer was fairly presented and considered in the process,” said REBGV CEO Jeff King in a statement.
“The real estate profession believes that this change will help inform the public and build greater trust in the real estate transaction process — specifically in instances when competition and emotion run highest.”
The selling realtor and the homeowner will then be required to sign this form and provide it to all parties that submitted offers no later than one calendar day after the seller has made a decision, according to the REBGV.
The new disclosure form seeks to balance home buyers’ rights around transparency and disclosure with home sellers’ rights to privacy during the sale of their home.
