Last week, we announced that a seller’s instruction to delay the presentation of offers will no longer be required to be an irrevocable client instruction as of March 17.

This amendment to the Rules of Cooperation, made on the instruction by our regulator, the BC Financial Services Authority (BCFSA), will include new rules around a revised Direction Regarding Presentation of Offers (DRPO) form.

Sellers will now be able to change their instructions regarding their offer presentation timing.

With that in mind, the new rules include notification requirements that listing agents must follow to ensure all interested buyers are notified if the seller receives an early offer. The idea is to be as transparent in the process as possible.

Any seller instructions restricting cooperating agent attendance at offer presentations must be noted in REALTOR® Remarks.

Instructions to delay offer presentations must be noted in both Public and REALTOR® Remarks and must include the prescribed statement: "No presentation of offers until [specified date/time]."

The form must also be posted to the MLS® System as an associated document within 24 hours.

The listing agent must then keep a record of all cooperating agents who have:

• requested a viewing appointment,
• shown the property,
• requested an offer presentation, and
• requested in writing to be kept informed about offers or possible changes to the published offer presentation date and time.

If the listing agent receives a pre-emptive offer, and the seller wants to consider it earlier, the listing agent must, before presenting that offer:

• obtain a revised DRPO form signed by the seller,
• update the Public and REALTOR® Remarks with the new offer presentation date/time,
• post the new DRPO form to the MLS® System as an associated document,
• notify each and every cooperating agent recorded per the above list, that the seller’s instructions have changed, and what the new instructions are, and
• give all of those cooperating agents equal opportunity to present their own offer, at the same time as the pre-emptive offer, if possible.

This will help comply with BCFSA’s concerns while still giving all potential buyers a chance to have their offer considered.

The three real estate boards in the Lower Mainland introduced the IDRPO in 2022 as a means to help ensure that buyers receive a fair opportunity to present offers and create a structured process for offer presentations.

However, BCFSA has raised concerns that making an offer presentation decision irrevocable may not be in the seller's best interest. Sellers may need to adjust their strategy due to market conditions, personal circumstances, or other factors.

BCFSA also expressed concerns that requiring IDRPO could put REALTORS® in a conflict between following their clients’ instructions and adhering to board rules.

GVR, along with boards and associations across the province, sought legal opinions, which confirmed that BCFSA has the authority to issue guidance on this matter and that Realtors must comply.

Instead of waiting for regulatory enforcement, we’re proactively aligning rules to protect Realtors and ensure compliance.

• Read a side-by-side comparison of the existing IDRPO and upcoming DRPO rules.
• See a sample of the new DRPO form, which is available on WEBForms.
• Read the announcement.