The Real Estate Council of Alberta introduced mandatory written service agreements to enhance consumer protection, by providing greater clarity of the roles and obligations between real estate professionals and their clients, and to reduce any potential for conflicts and confusion.
1. How do I learn about options for a working relationship with a real estate professional?
The real estate professional will explain the options available, and give you a Consumer Relationships Guide that outlines the options, the difference between being a customer or a client, and the responsibilities of the real estate professional in each option.
2. Are Buyer Representation Agreements mandatory?
Yes. As of July 1, 2014, the Real Estate Council of Alberta requires residential real estate professionals to use written service agreements when working with a client. Real estate professionals will ask buyer and seller clients to sign a written service agreement.
3. What is the purpose of written service agreements?
Written service agreements inform clients about what they can and should expect from their relationship with their authorized industry professional. They:
- describe the responsibilities and services of the real estate professional
- outline the obligations of the real estate professional and the client
- set out the fees (if any) or how the industry professional will be compensated
- provide consent to collect, maintain, use, and distribute a client’s personal information
- address any potential conflict of interest scenarios