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Duties to Clients in a Rising Market
Are Your Licensees Acting in the Best Interests of their Clients?
When markets are rising, as is the situation in some areas of BC currently, properties may attract multiple offers, and the possibility can arise that buyers may wish to assign their rights in the contract to another party. In these complex situations, licensees need to be sure they are acting in the best interests of their clients, and that they are providing competent and effective services.
As a managing broker, you may wish to encourage licensees at your brokerage to review the information in the Professional Standards Manual on:
In particular, your licensees may wish to ensure they are familiar with the information on presentation procedures for multiple offers.
Because the procedure and documentation for assignment can be complex, all parties should seek legal advice in the drafting of effective and enforceable assignments to a Contract of Purchase and Sale.
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to info@recbc.ca.
