Contact
Margo Nichols:
Sales Representative
Royal LePage Burloak Real Estate Services
2072 Lakeshore Road
Burlington, Ontario
L7R 1E3
Office/Pager:
905-634-7755
Direct Line: 905-634-7803 Ext: 417
Email:
margo@margonichols.com
Working with a Realtor: Agency Relationships Disclosure to be Given at the Beginning of a Relationship
When you work with a real estate agent to buy or sell property, the Canadian Real Estate Association requires that you be informed about whom the agent is representing in the transaction. This disclosure and all services offered by Royal Lepage Real Estate Services Ltd., Broker are offered without regard to race, creed, colour, sex, age, country of origin, or sexual orientation.
Vendor Agency:
Traditionally in organized real estate, before the widespread use of Buyer
agency in the Nineties, both the agent who listed the property for the
sale (the listing agent) and the agent who worked with the Buyer (known
as the subagent or selling agent) were agents for the Seller. In such
circumstances the Seller's Agency Agreement with both these agents was
established through the Listing Agreement. In Single Agency, both agents
owe complete loyalty to the Seller and they must inform the Seller of
all important information they have which might affect the his/her decision
regarding the sale of the property. For example, both agents must inform
the Seller if the Buyer is willing to offer a higher price.
In Single Agency, although neither agent represents the Buyer, agents must treat the Buyer honestly and fairly. They will introduce the Buyer to properties, and have a duty of care to answer questions about property and disclose known material facts about property to the Buyer. When a property is selected by the Buyer, the selling agent can assist the buyer in offer preparation; the agent can present the offer. The agent can help the Buyer arrange for home inspection and financing, and can also handle the processing of documents through the Buyer's lawyer right through closing. Clearly, although both agents represent the Seller in Single Agency, there is still much valuable service an agent can provide a Buyer.
Buyer Agency:
A real estate brokerage may be the agent of the Buyer. Royal LePage fully
and openly offers the service to Buyers. With a Buyer Agency Agreement,
it is the buyer who can expect his/her Agent to represent his/her interests.
The Buyer's agent will begin by performing all the duties described above
for the Buyer. In addition, the agent will advise and negotiate on behalf
of the Buyer and may keep information about the Buyer confidential from
the Seller and the Seller's agent.
Buyer Agency is established through a separate written agreement between the Buyer and Royal LePage. That agreement will explain what services the agent will provide the Buyer, who will pay for those services and what obligations the Buyer will have. For example, a typical Buyer Agency Agreement will commit a Buyer to work exclusively with that agent for a specific periods of time.
A Seller can expect from a Buyer's agent to be treated honestly and fairly, just as the buyer can expect to be treated honestly and fairly by the Seller's agent.
Dual Agency:
Occasionally, a real estate company will be the agent of both the Buyer
and the Seller in the same transaction. This is called "Dual Agency".
Under this arrangement, the agent is obliged to look after the interest
of both the Buyer and the Seller. Since the agent has promised confidentiality,
loyalty and full disclosure to each party, it is necessary to qualify
these promises in Dual Agency transactions. Please refer to the Dual Agency
Addendum and Consent Agreement for details of these limits.
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