Understanding the Agent-Buyer Relationship: My City Toronto Real Estate Agents by:Robert Kennedy
Working with a Toronto real estate agent can be confusing if you do not know how the relationship with your realtor works
. A real estate transaction is among the most important transactions you will have to make in your lifetime. The more you know about the relationship you will have with your agent, the more satisfaction you will get from the transaction process. To begin with, the agents work inside a legal framework known as agency. This is a relationship between the agent and the client.Agents can work for the buyer, seller or both at the same time. Whichever of these they choose to represent, they will have an obligation by law to have integrity in their dealings. They will also be obligated to promote their clients interest as well as protect them. This means that your agent must disclose all he knows about the property that may influence or in any way affect your decision. He is duty bound to follow all the lawful instruction you give him as well as keep confidential information shared with him. When performing the duties assigned, your agent should use reasonable skill and care. He should account for all funds and property that is put in his hand on your behalf.
If you are the seller, then your agent needs to list your property as being up for sale. The Multiple Listing Service (MLS) is where your property will be registered. Once the listing agreement is signed, then your Toronto real estate agent is legally bound to perform the aforementioned duties. On the other hand, if you are the buyer, you will need to sign a contract of purchase. The terms of the offer will be listed in the contract as well as any conditions and the offer price. Please note that the seller can reject the offer or counter it. Only once both the seller and buyer have signed the contract and accepted all the terms on it is it legally binding.
When the same agent is representing both the seller and the buyer this is referred to as dual agency. The dual agent is expected to be impartial to both parties and to disclose in full all information pertaining to the real estate deal. Additionally, both buyer and seller must agree that they have no problem with dual agency in writing. When it comes to the issue of disclosure in a dual agency relationship, the agent will not disclose the willingness of the buyer to pay a different amount than what is listed in the offer or that the seller is willing to take an offer different from what is currently stipulated in the offer.
The Toronto real estate agent will not disclose the buyers motivation to purchase the property or that of the seller to sell. However, should he get authorization to do so, he can go ahead. Moreover, the personal information of the buyer or seller will not be disclosed without express permission from either party. He is obligated however to disclose any property defects he may know of.
About the author
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