The Canadian Real Estate Association requires that you be informed whom the Real Estate Agent is representing in the transaction. Unless the Purchaser agrees to sign a Buyer Agency Agreement, both listing agent and selling agent work for the Vendor who pays their commissions.
1- Vendor's Agents
The representatives of the real estate company's fiduciary duties are owed to the Vendor, that is, they must do what is best for the Vendor. This means that they must inform the vendor of all relevant, important information that they know about the buyer which might affect the Vendor's decision. For instance, if a vendor's agent knows a purchaser is willing to offer more for a property, that information must be shared with the vendor.
The Vendor's selling agent's duties to the Purchaser are to treat the Purchaser fairly and honestly, to:
- inform the Purchaser of the home buying process
- inform the Purchaser of expenses associated with the purchase of a home
- asssist the Purchaser to assess the price of the house he can afford
- provide data on properties of interest to the Purchaser
- provide market information on comparables sold, listed and expired to establish market value
- make appointments and show selected properties
- recommend sources of financing and arrange mortgage pre-approval, if required
- disclose known material defects of the property
- prepare an "Agreement of Purchase and Sale of Property" according to the Purchaser's direction.
- present the offer to the Vendor
- provide information on: appraisals, house inspectors, lawyers, surveys, sketches, etc.
2 - Purchasing Agent
With a written Buyer Agency Agreement, a buyer can expect fiduceary duties beyond fairness and honesty, such as:
a. The Buyer's Agent has a duty to act in the best interest of the Buyer and negotiate the best price and terms possible for the Buyer.
b. The Buyer's Agent must maintain absolute confidentiality and not reveal anything that might affect the Buyer's negotiating position.
c. The written contract establishes the source of commission payment (However, even if the Buyer signs a Buyer's Agency Agreement, the Seller normally pays both the selling and listing commissions in this area. The Buyer has the option to pay his agent, if he wishes to.) and specifies what obligations a purchaser may have. Usually, the purchaser will be obligated to work exclusively with that agent for a specified time.
3 - Dual Agent
Dual agency occures when the listing agent and the selling agent are both the same real estate company. A dual agent is obligated to look after the interests of both the Buyer and Seller and must fully disclose information to both the purchaser and vendor. Dual agency is established only if both the Buyer and Selller agree in writing.
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