Realtors can act in either of two roles: 1.A SELLER'S brokerage or 'listing agent' has a legal responsibility to represent the seller's interests only. It is their job is to get the highest price and best terms for the seller. They must protect the seller's confidentiality, including the reason for selling and the price the seller is willing to accept. In addition, they cannot advise you, the buyer, on the price you should pay to buy the property because their loyalty is to the SELLER. 2.A BUYER'S brokerage or 'buyer’s agent' has a legal responsibility to represent the buyer's interests only, (even though their commissions are paid by the seller's brokerage). Unless your real estate 'agent' is representing you exclusively, that agent' is working for the seller as well. It is the 'buyer agent's’ job to share market conditions, research facts, determine property values, and provide the best possible advice. They must protect the buyer's confidentiality and disclose all known information about the property because they work solely for the BUYER. Multiple Representation or Dual Agency is when the 'listing agent' represents both the seller and buyer and divides his/her loyalty to both parties who have conflicting interests so neither are represented 100%. This also occurs when different salespeople represent buyer and seller but work for the same broker (including branch offices). This is similar to attorneys not representing both sides in the same court case. Working with both sides is in effect playing mediator - helping both parties reach their own agreements, but not going to bat for either one. Although multiple representation and dual agency is tolerated by the Canadian Real Estate Association, the practise is discouraged. It is considered potentially dangerous both legally and ethically. Which would you prefer? ·An agent representing the seller? ·An agent representing the seller and you, the buyer? ·An EXCLUSIVE BUYER AGENT representing only you, the buyer! Using a Buyer 'agent' is the only way for a buyer to be guaranteed 100% protection.
Many buyers love attending 'Open Houses' This is a great way to get a 'grasp' of what you like. It is also a way for selling agents to get a 'grasp' on you! Tell the listing agent that you are working with a buyer agent, and that your agent will call, if you decide proceed with an offer. This saves you from being 'sold' every time you go to an 'Open House' and it lets the selling agent know that you are a savy buyer.
Condominiom Buyer's Guide Important Guide for First Time Condo Buyers
Click on the PDF icon to open the file. Remember to switch your printer to greyscale when printing, to save on color cartridge ink. 32 pages
