Bill Bev Brandon Shannon McLeanSales RepresentativesWebsite sellingwithbillcomPhone © 2024© 2024© 2024Fax © 2024© 2024© 2024Email BevBevMcLeancom BrandonMcLeanliveca Agency Relationships When working with a REALTOR it is important to understand who the REALTOR works for and to whom is the REALTOR legally obligated The Canadian Real Estate Association CREA requires REALTORS to disclose Agency Relationship to a potential client at the earliest time possible Buyers Relationship to Realtors 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 subagent 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 subagency relationship with the seller and a violation of our rules and regulations Sellers Relationship to Realtors A real estate company must do what is best for the seller of a property A written contract called a Listing Agreement establishes sellers agency It also explains services the company will provide establishes a fee arrangement for the REALTORs services and specifies what obligations a seller must have Confidence a seller shares with their REALTOR must be kept confidential from potential buyers and others That REALTOR must tell the seller anything known about the buyer For instance if the REALTOR knows that a 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 subagent 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 Multiple Representation 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 companys 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