The "Working with a Realtor" brochure is one of the most misunderstood documents I work with. Some people think that by signing this document they are committing to work forever with the Realtor who got them to sign it. This is NOT the case!
The "Working with a Realtor" brochure is simply a signed confirmation the Realtor has explained the Agency Relationship to the client.
By signing this brochure, the client is NOT bound to the realtor. It is simply a signed disclosure that the client has had their rights in the Agency Relationship explained as well as the Realtors obligations and responsibilities to the client in this relationship. Nothing more.
The Agency Relationship is as follows:
- Undivided loyalty. The brokerage must protect the principal's negotiating position at all times, and disclose all known facts which may affect or influence the principal's decision.
- To obey all lawful instructions of the principal.
- An obligation to keep the confidences of the principal.
- To exercise reasonable care and skill in performing all assigned duties.
- To account for all money and property placed in a brokerage's hands while acting for the principal.
Various real estate associations across Canada offer documents about "Working with a Realtor. If you feel your realtor is not following these rules, bring it to their attention. If that doesn't work, speak to his/her manager.
Mike Stewart is a sales representative with Century 21 In Town Realty in Vancouver, BC.