FAQs: Understanding the Disclosure of Multiple Offers Presented (DMOP) Form
In July 2023, the Greater Vancouver REALTORS® introduced the Disclosure of Multiple Offers Presented (DMOP) form. Sellers’ agents are required to complete the form whenever a property receives multiple offers. This form ensures transparency in the home buying process and reassures buyers that all offers are properly presented and considered. Below are answers to common questions about the DMOP form and what it means for buyers and sellers.
For Sellers
Q: What is the Disclosure of Multiple Offers Presented (DMOP) form, and why do I need to sign it?
A: The DMOP form is a document that confirms all offers on your property were presented to you. After reviewing the offers, you will sign the form to verify that you’ve seen them before making your final decision—whether that’s accepting, countering, or rejecting offers.
Q: When is the DMOP form required?
A: If your property receives multiple offers at the same time, your agent must complete this form after presenting the offers to you and after you make a decision.
Q: Does this apply to all types of properties?
A: Yes, the DMOP form is required for both residential and commercial properties.
Q: Why was the form introduced?
A: Many buyers have expressed concerns that their offers may not always be presented or considered fairly. This form improves transparency by confirming that all offers are disclosed to you, the seller.
Q: Does the form include buyer details like offer price?
A: No. The form only lists the number of offers received, the date of each offer, and the name of the brokerage representing the buyer (or a note if the buyer is unrepresented). Offer prices and terms are not disclosed in the form.
For Buyers
Q: How does the Disclosure of Multiple Offers Presented (DMOP) form benefit me as a buyer?
A: The DMOP form provides assurance that your offer was presented to the seller, even if it was not accepted. This helps eliminate concerns about fairness in multiple-offer situations.
Q: Will I receive a copy of the DMOP form?
A: Yes. The seller’s agent must provide a copy of the signed DMOP form to your agent (or directly to you if you’re not working with an agent) within one calendar day after the seller accepts or rejects all offers.
Q: What if I submit an offer without a real estate agent?
A: If you are an unrepresented buyer, the form will indicate “Buyer Unrepresented” instead of a brokerage name. The seller’s agent will send you a copy of the completed and signed form directly within one calendar day after the seller makes a decision.
Q: Why doesn’t the form disclose the number of offers before they are presented?
A: The DMOP form was designed to balance transparency with privacy. Releasing offer details beforehand could create unintended market pressures. Instead, this form ensures all offers are documented and presented fairly, without revealing sensitive details.
Where Can I Find the DMOP Form?
Below is a sample of the Disclosure of Multiple Offers Presented form
Your real estate agent will handle the completion, submission, or sharing of the form as part of the process.
Final Thoughts
The Disclosure of Multiple Offers Presented form aims to enhance trust, fairness, and transparency in multiple-offer scenarios. Whether you are buying or selling, this form ensures that every offer is given due consideration in a competitive market.