If you have ever sold a house in Alberta you have signed an agreement with a REALTOR® explaining what your working relationship will be. If you have bought a home in Alberta you may have been asked to sign a similar document.
“Effective July 1, 2014, Real Estate Council of Alberta (RECA) will require industry members who establish a client relationship when trading in residential real estate, property management or when dealing in mortgages to enter into a written service agreement with that client” says Natalie Scollard, communications coordinator with RECA.
Beginning February 1, 2014 RECA will be introducing new forms and a new guide book for REALTORS® to use in establishing their client relationships.
As a homebuyer, this means that you will be required to enter into a written service agreement stating the expectations of your relationship with any professional dealing in “residential real estate, property management or when dealing in mortgages” says Scollard.
For someone entering into the homebuying process this can come across as something that will restrict you, it’s not. On RECAblog.ca it states, in regards to the representation relationship “whether that is an exclusive right to represent or not, RECA is simply requiring it be done through a written service agreement.” Homebuyers will have the option of entering into either an exclusive or a non-exclusive service agreement, your REALTOR® will explain the options to you.
RECA and Alberta Real Estate Association (AREA) have re-written the forms to be easier to read and understand. REALTORS® will guide their clients through these new forms to ensure that they are represented in a manner that meets expectations.