Agency relationship Brochure and Guidelines
(Left) Professional Baseball Player Orlando Hudson, former 2nd baseman for the Toronto Blue Jays recommends Linda with full confidence ”Linda is an expert in her field and it was a pleasure having her represent me in my search for a home “.
(Right) Tallest Man in Canada at 7’8″ Jerry Sokoloski is a client of Linda’s having sold his family home.
Buyers Relationship to Realtors®
The Canadian Real Estate Association (CREA) requires REALTORS® to disclose Agency Relationship.
A Buyer has a choice of two relationships with a REALTOR®. As a Client, a real estate company acting as a Buyers Agent must do what is best for the buyer. A written contract, called a Buyer Agency Agreement, establishes buyer agency. It also explains services the company will provide, establishes a fee arrangement for the REALTORs® services and specifies what obligations a buyer may have. Under such agency, a buyer will be obliged to work with that company for a period of time. In return, confidence a buyer shares with that company will be kept confidential. The REALTOR® is also required to offer professional advice, negotiate the best price for the buyer and provide the buyer with as much information required to make the right decision.
As a Customer the buyer can expect to be treated fairly and honestly. It is important for the buyer to realize that under such a relationship the REALTOR® is technically a sub-agent of the seller so that duties are owed to that seller. However, the buyer can expect the REALTOR® to disclose all pertinent information about a property, not to misrepresent any facts, and to honestly answer all questions about the property. Under such relationship with the buyer, the REALTOR® must not must not imply that they shall negotiate a price for the buyer as that would be a direct conflict with the REALTORs® sub-agency relationship with the seller and a violation of our rules and regulations.
Sellers Relationship to Realtors® with MLS Listing Agreement
Linda will always do what is best for the seller of a property. A written contract, called a Listing Agreement, establishes a sellers agency relationship with the Real Estate Brokerage. It also explains services the company will provide, establishes a fee arrangement for the REALTORs® services and specifies what obligations a seller must have.
The confidence a seller shares with Linda as their REALTOR® is always kept confidential from potential buyers and others. Linda will always tell the seller anything known about the buyer. For instance, if she knows that the buyer is willing to offer more for a property, that information must be shared with the seller.
A seller must understand that a REALTOR® working with a buyer as a sub-agent is ultimately working with the sellers best interest in mind. A REALTOR® working with a buyer, as a Buyer Agent, is working for the buyers best interest mind, but may still be compensated by the seller through provisions made to the Listing Agent.
Occasionally a real estate company will be the agent for both the buyer and the seller. The buyer and seller must consent to this arrangement in their listing and buyer agency agreements. Under this multiple representation arrangement, the company must do what is best for both the buyer and seller.
Since the company’s loyalty is divided between the buyer and seller who have conflicting interest, it is absolutely essential that a multiple representation relationship be established in a written agency agreement. This agreement specifically describes the rights and duties of everyone involved and any limitations to those rights and duties.