Maria Mak - Burnaby Real Estate Agent - understanding agency relationship when working with a realtor
By Maria Mak - Sut... on May 7, 2012 - 5:49pm
The agency relationship is established through a contract between you, the client, and your agent, the company under which the REALTOR® is licensed. Most REALTOR® use a blue brochure titled Working with a Real Estate Agent to disclose the nature of the agency relationship with their client.
A REALTOR® can act for a seller or a buyer, or to a limited degree, both. Whomever they represent, REALTORS® have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests.
Seller's AgentBuyer's Agent Dual Agency
- For your REALTOR® to list your property for sale on MLS®, the Real Estate Board of Greater Vancouver requires completion of a listing agreement.
- Signing this agreement with you commits your REALTOR® to uphold the above obligations.
- The listing agreement also states the compensation amount the seller will pay the REALTOR®.
- The contract of purchase and sale is initiated when an offer is made by the buyer to purchase the sellers's property.
- The contract outlines the terms and conditions of the offer, such as offer price and subject conditions.
- The seller may reject the offer or make a counter offer.
- Once all terms have been accepted and both seller and buyer have signed the contract, each party is legally bound to fulfill the conditions of the contract.
- Dual agency is created when an agent represents both the buyer and seller in a single transaction.
- This can happen if a REALTOR® who is representing a buyer, sells one of their own listings to that buyer.
- A dual agent must be impartial to both buyer and seller and fully disclose all information relating to the transaction.
- A REALTOR® can be a dual agent only if both seller and buyer agree in writing.
Remember: always read all contracts and disclosure forms before signing. If you have questions about agency relationships contact your REALTOR® or Maria Mak @ Sutton Centre Realty or visit her website at www.mariamak.com , You'll be smilling too!