What to expect from your Real Estate Company & Saskatoon Real Estate Agent
In Buyer’s Agency, a real estate company (brokerage) represents only the interests of the buyer. This can be established by working with a REALTOR®. Another is by a written contract between the buyer and the brokerage, called an Exclusive Buyer’s Brokerage Contract.
THE EXCLUSIVE BUYER’S BROKERAGE CONTRACT WILL EXPLAIN:
1. Exactly what the buyer instructs the Buyer’s Brokerage to do.
2. What services the Buyer’s Brokerage will provide to the buyer.
3. Who will pay for those services.
4. What obligations the buyer will have.
IN BUYER’S AGENCY, IT IS THE BUYER WHO CAN EXPECT THE REALTOR® TO:
Obey the Buyer’s instructions on the Exclusive Buyer’s Brokerage Contract, and all lawful instructions of the Buyer.
- Represent the Buyer’s best interests.
- Fully disclose known facts which might influence the Buyer’s decision.
- Maintain the confidentiality of personal and financial information discussed with the Buyer. This is in force even after the Exclusive Buyer’s Brokerage Contract expires.
- Safeguard the Buyer’s documents and money.
- Exercise reasonable care and diligence.
Limited Dual Agency
Dual agencies occur when the same REALTOR® acts for both the buyer and the seller on the sale of a property. This also occurs when both the buyer and seller are employed by the same real estate company (brokerage).
When dual agency occurs, the brokerage’s duties of confidentiality and loyalty to the seller conflict with the same duties to the buyer. Therefore, the Saskatchewan Real Estate Association has proposed certain rules and limitations to deal with dual agency situations.
1. The REALTOR® will not disclose that the buyer will pay a price or agree to terms other than those contained in the offer, or that the seller will accept a price of terms other than those contained in the Exclusive Seller’s Brokerage Contract.
2. The REALTOR® keeps confidential the motivation of the buyer to buy, or the seller to sell, unless authorized by the buyer or seller.
3. The REALTOR® represents the buyer and the seller equally.
4. The REALTOR® keeps all personal and financial information of either the buyer or the seller under confidentiality, unless authorized in writing.
5. The REALTOR® shall disclose to the buyer all material defects about the physical condition of the property known to the REALTOR®
6. All “comparable” property information may be disclosed to both the seller and buyer at any time.
7. The brokerage shall notify the buyer of dual agency immediately before preparing an offer (Contract of Purchase and Sale) on the property for signing by the buyer. The brokerage shall disclose the dual agency to the seller immediately before presenting that offer (Contract of Purchase and Sale) to the seller for acceptance. The brokerage shall not be obligated to disclose the dual agency before the times described above.