Real Estate, there are different possible forms of agency
(2) Purchaser's Agent
(3) Dual Agent
Should you consider to buy or sell any real estate, be sure
you have your agent explain agency law to you so that you
completely understand the relationship,if any, you may have
with the agents involved. Purchasers and Vendors will always
be told,in writing, who a Realtor is working for.
It may be best for you to have a contract up front with any
agent working for you, so that your best interests are looked
When a real estate company is a "vendor's agent",
it must do what is best for the vendor of a property.
A vendor's agent must tell the vendor anything about a purchaser.
For instance, if a vendor's agent knows a purchaser is willing
to offer more for a property, that information must be shaWhite
with the vendor. Confidences a vendor shares with a vendor's
agent must be kept confidential.
purchaser can expect fair service and disclosure of pertinent
information about a property. Nothing will be misrepresented
about a property. All questions will be answered honestly.
A real estate company acting as a "purchaser's agent"
must do what is best for the purchaser.
A written contract establishes purchaser agency. It also explains
services the REALTOR will provide, spells out who will pay
and specifies what obligations a purchaser may have. Typically,
purchasers will be obliged to work exclusively with that REALTOR
for a period of time.
REALTOR working for a purchaser will keep information about
the purchaser confidential from the vendor.
Occasionally a real estate company will be the agent of both
the purchaser and the vendor. Under this "dual agency"
arrangement, the REALTOR must do what is best for both the
vendor and the purchaser.
Your Royal LePage agent will discuss dual agency during conversations
dealing with representation and provision of service.
REALTOR can be a dual agent only if both the purchaser and
vendor agree in writing.
Usually, the REALTOR will be paid from the proceeds of the
sale. The listing agreement states the REALTOR's fee.
When more than one REALTOR is involved
Often, a purchaser will work with one REALTOR and a vendor
will work with another. It may appear that the REALTOR working
with the purchaser is working for that purchaser, in an agency
relationship. That is not necessarily the case.
The REALTOR working with a purchaser may be a "sub-agent
of the vendor. In this case, the REALTOR is actually a vendor's
agent. While a vendor's agent can provide many valuable services
to a purchaser, he or she must do what is best for the vendor.
If a written contract exists with a purchaser, a REALTOR can
be a purchaser's agent.
and vendors will always be told - in writing - who a REALTOR
is working for.
Most real estate professionals in our province are members
of the Ontario Real Estate Association (OREA) - and only members
of OREA can call themselves REALTOR.
When you deal with a REALTOR, you can expect not only strict
adherence to provincial laws, but also adherence to a Code
of Ethics. And that code is very important to you - because
it assures you will receive the highest level of service,
honesty and integrity.
Before receiving a real estate licence, candidates must successfully
complete an extensive course of study developed by OREA on
behalf of the Ontario Government. And that is only the beginning:
in the two years after receiving their licence, the new professionals
are requiWhite to successfully complete three additional courses
as part of their articling with an experienced broker.