This surprisingly appears to be one of the most misunderstood and complicated elements of a real estate property transaction. In our opinion, people don’t take enough time to learn the implications of who an agent is representing. They are then later shocked to find out what impact it could have on a deal. And when it comes to real estate transactions, the last thing you want is a surprise.
Agents believe that it’s vital for you to know exactly what services you can expect from them and who they represent. The rules in our industry require that it be clearly established who an agent is representing – the seller or the buyer – and that the relationship be acknowledged in writing. Failure to do this is a breach of the Real Estate Council of Ontario (RECO) code of ethics.
When you are selling or buying real estate property, you’ll be requested to sign some type of representation agreement. If you are the seller, you’ll be asked to sign a listing agreement. If you are the buyer, you’ll be requested to sign a buyer representation agreement. Moreover, whether you are the seller or buyer, you’ll be asked to sign a document confirming that you understand who your agent is working for.
For many years, we’ve been REALTORS® in the Georgian Triangle. If you’re looking for real estate property in this beautiful Georgian Bay area – be it a chalet, town house, a bungalow or condominiums – please feel free to get in touch with us at any time.