New rule and form coming July 17 that is focused on enhancing transparency in multiple offer situations
The real estate boards across the Lower Mainland will implement a new multiple offer disclosure form on July 17 2023 that seller’s agents will be required to complete and communicate to buyer’s agents who participated in a multiple offer situation.
The new Disclosure of Multiple Offers Presented (DMOP) form lists all of the competing offers received and the name of the submitting brokerage. The listing Realtor and the seller will be required to sign this form. The listing Realtor will then need to provide it to the buyer’s agents as well as to any unrepresented buyers who submitted offers, no later than one calendar day after the seller has decided on all the presented offers.
To accommodate this change, the boards of directors at REBGV, the Fraser Valley Real Estate Board, and the Chilliwack and District Real Estate Board all recently approved changes to the Rules of Cooperation.
This change is the result of considerable research and discussion by a committee of brokers and Realtors over the past few years. The intent behind this rule is to allow for greater transparency in multiple offer situations and to give buyers whose offers were not accepted comfort that listing Realtors and their clients review and consider all offers.