| Working with a Realtor
Realtors work within a legal relationship called agency.
The agency relationship is between, you the client, and your
agent, the company with which the Realtor is licensed. Most
Realtors 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 Agent
In order for your Realtor to list your property for sale
on the Multiple Listing Service® (MLS®) ,
the Real Estate Board of Greater Vancouver requires completion
of a listing agreement. By signing the listing agreement
with you, your Realtor has committed to uphold the obligations
mentioned above. The listing agreement also states the amount
of compensation that the seller will pay the Realtor.
Buyer's Agent
The contract of purchase and sale is initiated when an offer
is made by the buyer to purchase the seller's property. The
contract outlines the terms and conditions of the offer,
such as offer price and any subject conditions. The seller
may reject the offer or make a counter offer. Once all terms
have been accepted and both the seller and the buyer have
signed the contract, each party is legally bound to fulfill
the conditions of the contract.
Dual Agency
Dual agency is created when an agent represents both the
buyer and a seller. This can happen if a Realtor who is representing
a buyer sells one of his or her own listings to that buyer.
A dual agent must be impartial to both the buyer and the
seller and fully disclose all information pertinent to the
transaction. A Realtor can be a dual agent only if both the
seller and the buyer agree in writing.
Remember: always read all contracts and disclosure forms
before signing. If you have questions regarding agency relationships
contact your Realtor or local real estate office. |
