DMOP form and multiple offer disclosure rule – your questions answered
Thursday, July 20, 2023
Starting Monday July 17, your Board now requires seller’s agents to complete the new Disclosure of Multiple Offers Presented (DMOP) form and communicate to buyer’s agents who participated in a multiple offer situation.
Read more about the DMOP form.
To help you comply with the new rule, we’ve put together this FAQ.
Q: When do I need to fill out this form?
A: A seller’s agent will need to fill out this form for any listing that receives more than one offer to be presented to the seller at one time. This applies to both residential and commercial listings. The seller’s agent must have their seller to sign the completed form after their agent presents the offers to the seller and the seller makes a decision, e.g., accepting an offer, countering an offer/counter-offer, or rejecting all the offers.
Q: Does this form apply to commercial transactions?
A: Yes.
Q: Why is the Board introducing this form?
A: Through years of research and consultation, your Board found that home buyers are frustrated with the home buying and selling process, particularly in busy markets with multiple offer situations. Many buyers were concerned that their offers weren’t being fairly presented or considered. Some had questions as to the number of offers being presented and how this could be confirmed. This form will increase buyers’ confidence in the process by demonstrating that their offers are always being presented and considered by the seller.
Q: Where do I find the form?
A: You can find the form on WEBForms in the Real Estate Board of Greater Vancouver folder under the name, “Disclosure of Multiple Offers Presented”.
Q: When do I need to provide the signed form to the buyer’s broker?
A: The listing Realtor must then provide the completed form to each buyer's agent and unrepresented buyer as soon as possible, but no later than one calendar day after the seller accepts an offer or rejects all offers.
Q: What information do I need to include on the form?
A: You must list each offer to be presented, including the date of the offer and the name of the cooperating brokerage involved, or make a notation if the buyer is unrepresented by a brokerage. You must not include the price or terms of the offers. Importantly, don’t include the name of the buyer’s agent, only the brokerage name, and do not include the name of any unrepresented buyer.
Q: What do I do if an unrepresented buyer puts an offer in?
A: If an unrepresented buyer makes an offer, you note the source of the offer as “Buyer Unrepresented” in place of the name of a cooperating brokerage. Don’t include the buyer’s name. You must send the completed and signed form directly to the unrepresented buyer as soon as possible, but no later than one calendar day after the seller accepts an offer or rejects all offers.
Q: Why use a form that shows the number of offers after they’re presented rather than before?
A: The committee that crafted the DMOP form and rule explored many options when looking at new rules around multiple offer situations. The DMOP form balances the clients’ rights to privacy with principles of transparency.
Watch the Ethics Guy® DMOP top tip video
The Ethics Guy® Kim Spencer's latest Top Tip video takes a deeper look at the coming Disclosure of Multiple Offers Presented (DMOP) form. Who is it for? What goes on it? Who does it need to be sent to, and when?
Kim answers these questions and provides his insights below: