Irrevocable Direction Regarding Presentation of Offers

Irrevocable Direction Regarding Presentation of Offers

Irrevocable Direction Regarding Presentation of Offers (IDRPO)

The “Irrevocable Direction Regarding Presentation of Offers” (IDRPO) form came into effect on October 17, 2022. It replaces the former DRPO.

  

There are two default rules, which are outlined below. An IDRPO is only required if a seller wishes to depart from one or both of the default rules. 

  

The first default rule is that all offers must be presented to a seller “without delay” (Rule 4.02 (a)(i) of the Rules of Cooperation). 

  

However, if your seller wishes to depart from having offers presented without delay, REALTORS® must complete and have their seller complete and sign the IDRPO form. Note that this is the second block on the first page of the IDRPO. If an IDRPO is signed, REALTORS® are required to:

 

  • Post the completed IDRPO to the MLS® System as an associated document within 24 hours of the listing becoming active on MLS® or, within 24 hours of the seller completing and signing the form (Rule 4.02 (b) of the Rules of Cooperation); and
  • Note the existence of the IDRPO in the REALTORS® remarks.

 

It is important to advise sellers that, once an IDRPO is signed, it cannot be changed or deleted after posting to MLS®. Hence, it is irrevocable. Therefore, REALTORS® must take the time to explain to their clients both what an IDRPO means, and its significance. 

  

Points to remember:

  1. An IDRPO is not required for every listing. It is only required when a seller wishes to depart from the default rule that all offers must be presented without delay.
  2. An IDRPO can be added to an existing listing, but it must be posted within 24 hours of being signed. 
  3. Members should never remove an existing IDRPO and replace it with a new one. A second IDRPO can be signed after the expiry of the first IDRPO. 
 

A second default rule is that a buyer’s REALTOR® has the right to be present during the presentation of their offer (Rule 4.02(a)(ii) of the Rules of Cooperation).

  

However, a seller may not wish to have buyers’ agents present during offer presentations. If that is the case, the seller must complete and sign the first block on the IDRPO.

  

REALTORS® are still required to post the IDRPO form to MLS® as outlined under the first default rule. 

 

Source of Information: Fvreb.bc.ca (September 29, 2022) | FVREB Professional Standards

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