Privacy When Selling

2007/09/19 Originally published in the Vernon Morning Star.

When realtors© take a listing of a property for sale they have to point out how doing so effects the privacy of the seller of the property.

Since the Personal Information Act was put into effect, we are expected to bring it to the Sellers' attention that their address, details of their property, and the asking price will all be very public information. Commonly we now also feature interior pictures of the listed properties. All this information quickly appears on the internet/world wide web. So, it's definitely not private. Realtors© also point out that the sellers' sale price becomes public information. The real estate board publishes it to the realtors© the day the sale is firm. This is actually done for the benefit of all. Realtors© use the sold data to keep them apprised of the latest prices buyers have been willing to pay for the type of property sold. When realtors© and certified appraisers need to calculate the value of a property, they access this information through their local real estate board. They share this information with both buyers and sellers. Without the real estate board producing this information, realtors© and appraisers would have to wait for the sales figures to show up at the Provincial Governments Assessment Authority. This does not happen until sometime after the sale closes, which means the data is not current enough on a fast moving market. By the way, the Assessment Authority has, for as long as I can remember, had this information. The public could and can walk into that office anytime and find out the sellers' sale price. So, sellers never have had much confidentiality.

Buyers can request we keep their name confidential. The name can simply be shown as "Undisclosed." The price paid for the property still appears.

Sellers can request this same service from the Real Estate Board through their realtor. However, the buyer always knows whose property they are buying as do the realtors© who handle the file. In any event, the buyers' name still must show on the B.C. Assessment Authority records.

Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email her or call 503-3755.

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