What is Agency?
The relationship of trust that exists between buyers and sellers and those they have hired to represent their interests, their agents.
In English, this means who is representing the seller and who is representing the buyer in a typical real estate transaction.

 

What is the Mandatory Disclosure Form?
At the first personal meeting you have to discuss a property with an agent, you are required to sign a "Mandatory Agency Disclosure".

This document must also be signed by the agent and must show whom the agent is representing. It is important you understand the different types of agency.

 

What is a Buyer Agent?
When a buyer engages the services of a broker, then that buyer becomes the broker's client. This means the broker represents the buyer. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The broker must put the buyer's interest first and negotiate for the best price and terms for their client, the buyer. (The buyer may also authorize subagents to represent him/her in locating property.)

 

What is a Seller Agent?
When a seller engages the services of a listing broker, that seller becomes the broker's client. This means the broker, and its subagents represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the seller's interest first and negotiate for the best price and terms for their client, the seller. (The seller may also authorize subagents to represent him/her in marketing its property to buyers.)

 

What is a Disclosed Dual Agent?
A broker can work for both the buyer and the seller on the same property provided the broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship the broker does not represent either the seller of buyer exclusively and they cannot expect the broker's undivided loyalty.

 

What is an Un-Disclosed Dual Agent?
This is an illegal process in which the agent tells both the buyer and the seller that they represent their interest exclusively. This is misrepresentation.

 

Can I buy a house through a Seller Agent?
You can buy a property through a Seller's Agent. You must keep in mind that the agent is working for the seller and must tell them any information you have given the agent, such as how much you can afford and any other details that can affect your purchasing position. It is best to only tell a seller's agent anything you would tell the seller directly.

 

What are the benefits of a Buyer Agent?
There are many benefits to using a Buyer's Agent:

  • Confidentiality - Any personal information, details about your financial position, or anything else you tell me that can affect your bargaining position is kept confidential and not disclosed to the seller or seller's agent.

  • Full Disclosure - I will find out as much information as possible about the property and the seller's situation in order to help you make informed decisions about your purchase.

  • Loyalty - My job is to find the property that is right for you, not to try to get you buy something that doesn't fit your needs.

  • Negotiating - I will give you advice and suggestions based upon my experience and will fight to get the best price and terms for you.

  • Reasonable Care - I will protect you from any foreseeable risks of harm; ensure the transaction of business to your best advantage and recommend expert advice or assistance when your needs are outside the scope of my expertise.

How do I find out whom an agent works for?
At the first personal meeting you have to discuss a property with an agent, you are required to sign a "Mandatory Agency Disclosure". This document must also be signed by the agent and must show whom the agent is representing. It is important you understand the different types of agency.