Mary Davidson Real Estate, Wasaga Beach
- Real Estate Info > Working With A Realtor

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 Century 21 Millennium Inc., Brokerage 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 sale (the listing agent) and the agent who worked with the Buyer (known as the sub-agent 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 havewhich might affect 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 presentation; 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 to a Buyer.

Buyer Agency

A real estate brokerage may be the agent of the Buyer, Century 21 Millennium Inc., Brokerage fully and openly offers this service to the 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 Century 21 Millennium Inc., Brokerage.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 period of time.

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 a "Dual Agency". Under this arrangement, the agent is obliged to look after the interests 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.