For Whom is that Realtor Working?

Wendel, like all top Realtors, believe it’s important for you to understand for whom the Realtor is working, and what services you can expect from the Realtor.  Thus, there are no unpleasant surprises later in the transaction.  A Realtor may be working for you – if you have a clearly established "agency relationship" with that Realtor.  Quite often, the buyer assumes such an obligation exists when it actually does not.

The next time you are buying or selling a property, you will be asked to sign some form of representation agreement. The use of written representation agreements, whether with buyers or sellers, is now mandatory for all real estate practitioners in Ontario. The Realtor is legally obligated to look after the best interests of the person for whom he or she is working. The Realtor must be loyal to that client while providing honesty and full disclosure.

The real estate profession lobbied for many years for the creation of the Real Estate Council of Ontario (RECO), a self-management body for the profession in Ontario.  As of January 1, 2000, all licensed real estate brokers and sales people must follow certain rules designed by RECO as an assurance of public service and consumer protection.

These rules include clearly establishing who the Realtor is working for (the buyer or the seller) in a real estate transaction and acknowledging that relationship in writing.  Failure to have a written representation agreement at the earliest practical opportunity and prior to an offer is a breach of the RECO Code of Ethics and the "Real Estate & Business Brokers Act, 2002".

When working with a Realtor, it is extremely important for you to understand whether the Realtor works for you or for the other party, i.e., to whom is the Realtor legally obligated?  As a seller who would like to sell your property on the Multiple Listing Service, you will be asked to sign a listing agreement with the Realtor.  You will be asked to sign a Buyer Representation agreement if you are a buyer and you want the Realtor is represent you and act in your best interests.  You will be asked to sign a Buyer Customer Service agreement if you are a buyer and do not want the Realtor is to provide you with full disclosure or keep your pertinent information from the seller, or act in your best interest.  And, whether you are a buyer or a seller, you will be asked to also sign documentation ("Working with a Realtor") confirming that you understand for whom the Realtor is working.

Buying or selling a property is an exciting, but complicated process.  A Realtor’s expertise will ensure your real estate transaction runs smoothly.  Knowing that a Realtor is in your corner, acting as your advocate, providing full disclosure  and representing your best interests will give you greater peace of mind."  Do note that information about offers and sign backs is confidential.

(source: Ontario Real Estate Association.)

Download the pamphlet on Agency Relationship:
Right click on the 'Working with a Realtor' icon and select 'Save Target As...' (if using Internet Explorer) or select 'Save Link As...' (if using Netscape) or left click to view.  Requires Adobe Acrobat 5+. (Click to download Adobe Acrobat 5+)

Disclosure of Relationship

At the earliest practical point in a real estate transaction, Realtors are required to disclose to other Realtors the nature of their representation.


CONCLUSION

For all Realtors in Ontario, the Buyer or Seller must have a written representation agreement with the Realtor; it's mandatory.  As your Realtor, Wendel is legally, morally and ethically bound to act in your best interest.  Everything Wendel says or does is designed to get a successful real estate transaction for you.  Only after you benefit, then can Wendel rest.  
 

Contact Wendel now and move on with your future.
Refer a relative or friend to Wendel.