Agency Info

For information about our Ultimate Service, try clicking the Ultimate Service Logo... INFORMATION ABOUT REAL ESTATE RELATIONSHIPS The Code of Ethics of the Canadian Real Estate Association requires its members to explain the nature of their relationship with all parties whom they contact in connection with a real estate transaction. Before a Purchaser or Vendor enters into a discussion with a Real Estate Salesperson or Broker regarding a real estate transaction, the Purchaser and the Vendor should understand what type of relationship or agency representaion they have with the real estate company. These definitions will provide necessary information about various relationships which are available through Real Estate Agents to persons who are considering the purchase, sale or exchange or rental of real estate. THE AGENT is the real estate company (the broker), its branch office and all of its salespeople. THE CLIENT is the party who contracts for an Agent to act on behalf of that party to assist with either the purchase, sale or rental of real estate. THE CUSTOMER is a person who receives services from another person's Agent. AGENCY RELATIONSHIPS There are two types of agency relationships: Single Agency and Dual Agency. SINGLE AGENCY exists when an agent exclusively represents either the Vendor or the Purchaser. DUAL AGENCY exists when the same agent represents both the Vendor and the Purchaser in the same transaction. VENDOR - SINGLE AGENCY - Under the Listing Agreement the listing broker and all its sales representatives act as the agent for the Vendor, not the Purchaser. The co-operating broker and all its representatives also owe loyalty and other duties to the Vendor as sub-agents of the listing broker. PURCHASER - SINGLE AGENCY - Under its Agreement with the Purchaser, the co-operating broker and all its sale representatives act as the agent for the Purchaser. The co-operating broker and all its sale representatives owe loyalty and other duties to the Purchaser, not the Vendor, and are not sub-agents of the listing broker. The listing broker and all its sales representatives continue to act as agent for the Vendor. VENDOR AND PURCHASER - DUAL AGENCY - Dual Agency is permitted only when disclosed and with knowledge and prior written consent of both parties. Disclosed dual agency most often occurs when a Realtor is working on a transaction with two people he or she has a relationship with. This could be a vendor or a potential purchaser who is also a vendor with the same Realtor. In a dual agency situation, a Realtor owes full disclosure to both the buyer and the seller. Any confidential information must be shared with both parties, but the Realtor's goal remains the same - putting together a willing purchaser and willing vendor to complete a transaction. In a dual agency situation, a Realtor owes full disclosure to both the buyer and the seller. Generally, the listing and co-operating brokers are the agents of the Vendor. The fiduciary duties of loyalty and faithfulness are owed to their client, the Vendor. While neither broker is the Purchaser's agent, they are able to provide purchasers with a variety of valuable market information and assistance in the decision making process such as: Provide a purchaser with information about available properties and sources of financing; Show available properties and describe their attributes and amenities to purchasers; Assist purchasers in submitting an Offer of Purchase. Both the Listings Broker and the Co-operating Broker are obligated by law to treat both the Purchaser and the Vendor honestly and fairly. They must: Present all offers to the Vendor promptly; Respond honestly and accurately to questions concerning the property. If you choose to have a real estate broker represent you as your Agent, you should: Enter into a written contract with the real estate company which clearly establishes the obligation of the parties; Ensure that the agreement specifies how your agent will be compensated.

For any Real Estate information, please contact Robert Pugh via: Office: (613) 831-4455 Fax: (613) 831-4781 Direct: 24 Hour Pager thru the Office

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