Sometimes
we like surprises, like a surprise party or a surprise gift. When
it comes to buying or selling your home, however, surprises are the
last thing you want.
REALTORS
believe it’s important for you to understand for whom they are
working, and what services you can expect from them. That way there
are no unpleasant surprises later in the transaction. A REALTOR may
be working for you – if you have a clearly established “agency
relationship” with that REALTOR. But often, you may assume such
an obligation exists when it does not.
The next
time you are buying or selling a home, you will be asked to sign some
form of agency agreement. The use of written agency agreements, whether
with buyers or sellers, is now mandatory for all real estate practitioners
in Ontario. As an agent, the REALTOR is legally obligated to look
after the best interests of the person he or she is working for. The
agent must be loyal to that person.
The real
estate profession itself lobbied for many years for the creation of
the Real Estate Council of Ontario (RECO), a self-management body
for the profession in Ontario. As of January 1, 2000, all licensed
real estate brokers and sales people must follow certain rules designed
by RECO to protect consumers.
These
rules include clearly establishing whom the REALTOR is working for
in a real estate transaction -- the buyer or the seller -- and acknowledging
that relationship in writing. Failure to have a written agency contract
is a breach of the RECO code of ethics.
You will
be asked to sign a listing agreement if you are a seller. You will
be asked to sign a buyer agency agreement if you are a buyer and the
REALTOR is representing your interests. And, whether you are a buyer
or a seller, you will be asked to sign documentation confirming that
you understand whom the REALTOR is working for.
Buying
or selling a home is an exciting, but complicated process. A REALTOR’s
expertise will ensure your real estate transaction runs smoothly.
Knowing that a REALTOR is in your corner, acting as your advocate
and representing your best interests will give you greater peace of
mind.
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