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Dear Members, Please be advised that the Rules of Cooperation have been revised and will take effect on Monday, July 17, 2023, for the Fraser Valley Real Estate Board, Chilliwack & District Real Estate Board, and the Real Estate Board of Greater Vancouver. Also taking effect on July 17 is a new Disclosure of Multiple Offers (DMPO) form. Please follow the links to view: NEW Rule 4.04 (f) Multiple Offers and Disclosure of Multiple Offers Presented DMOP form: - This intent behind this rule is to allow for greater transparency in multiple offer situations and to give buyers whose offers were not accepted assurance that their offer was presented.
- This change is the result of considerable research and discussion by a committee of brokers and REALTORS® over the past few years.
- The committee that developed the rule and new Disclosure of Multiple Offers Presented (DMOP) form recognized the importance of maintaining a seller’s right to privacy within the negotiation process.
- Listing Realtors will not disclose the offer price, conditions, or reason the seller accepted or rejected the offer.
- Under the revised rule, in a multiple offer situation the Listing Brokerage must:
- Prior to presenting any offer, complete the new DMOP form, listing each offer to be presented, the date of the offer and the name of the Cooperating Brokerage involved, or alternately that the buyer was unrepresented.
- At the time of acceptance of any offer, or in the event that all offers have been rejected, the Listing Brokerage shall have the completed DMOP form signed by the seller.
- The Listing Brokerage shall provide a copy of the signed DMOP form to each Cooperating Brokerage and unrepresented buyer as soon as possible, but at the latest within one (1) calendar day after acceptance of one (1) offer, or rejection of all offers.
- The new DMOP form will be uploaded to WEBForms® on July 13, to be in effect on July 17.
While we appreciate that multiple offers may not be constant through all markets, it has been observed that with limited supply and increasing housing prices, along with the variability of interest rates evidenced over recent times, multiple offer situations can be expected to ebb and flow under various market conditions, typically occurring in heightened periods of activity. Through those activity peaks, the frustration of consumers and a host of advocates has likewise emerged over the home buying and selling process. By provided a record of the number of offers received, the new rule and DMOP form aim to increase buyer’s confidence in the process by demonstrating that their offers are always being presented and considered by the seller, effectively enhancing transparency. With the penchant of the BCFSA to require increased reporting, it can be expected that requiring all licensees to adopt the DMOP form, will further assist brokerages in their own compliance requirements. 8.10 Other Advertising Requirements: - Housekeeping - Replace references to the Real Estate Council of B.C.’s “Professional Standards Manual”, with “Regulatory Information and Guidelines provided by the BC Financial Services Authority.”
9.11 Compliance with Rules and Laws - Housekeeping - Removed references to “the British Columbia Real Estate Association Rules,” and “Real Estate Council of B.C. Rules”. Added “and associated Regulations and Rules”.
Accessing more information: Remember: In many areas of the Rules of Cooperation where it references the Listing Brokerage as being required to perform tasks/duties or take action, it is in actual fact the Designated Agent who performs those tasks on behalf of the brokerage. Questions If you have any questions, please first speak to your Managing Broker. For any further questions, contact David Ng, Professional Standards Advisor, at 604-930-7606. Rock Lefebvre Executive Director & COO |
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