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Agency Relationships Explained and your explicit agreement when you ask to receive information from me directly or through one of my forms

 


The information below is critical for you to read and understand when you fill out forms at this website.  You must first read through and understand the terms of Agency and this Agreement below.  By accepting the terms of this agency agreement and relationship, it allows the me and my representatives and the Broker to share information with you regarding listings and other matters based on our Agency Relationship.

When you fill out information on one of my forms requesting mls data of any type, you are agreeing that you are not under buyer agency contract with another broker and agree and have read the terms of agency agreement and you also are explicitly stating that you agree to become a client under RE/MAX Realty Specialists Inc. and Mark Argentino as an extension of the company.

You also agree that when you fill out an online form at my site, you'll have on-line access to valuable, up-to-date information regarding all MLS properties that include address, city assessment, days on the market and so much more. Fields marked with an asterisk (*) are required fields.

When you fill out a form at this website you agree to hire MARK ARGENTINO of Re/Max Realty Specialists Inc., Brokerage to act as your Buyers Agent for a period of 60 days.  You also agree that if you resubmit any forms in the future or request further information from this website or directly from Mark Argentino or one of his team associates that this act shall extend this agreement for an additional 60 days from the time you resubmit a form or ask for more information.

By clicking on the "Submit" button on any form, you agree to the above terms and would like to have access to this valuable information.

Please read through the remainder of this document to understand Agency relationships and your obligations when working with me.

WORKING WITH A REALTOR

The Real Estate Council of Ontario (RECO) is the governing body, which sets enforceable standards of conduct for every salesperson and broker licensed under the Real Estate and Business Brokers Act in Ontario. On May 20, 1999, RECO implemented a new Code of Ethics to be complied with by every licensed Realtor in Ontario. As of January 1, 2000, RECO will discipline all who are found to be acting in contravention of this strict new ethical code. Specially, Rule 4 of the new Code of Ethics states, "A Realtor shall enter into a written Representation Agreement with a Client at the earliest practical opportunity, and in all cases before any Offer to Purchase is submitted or presented." Realtors must comply or risk losing their license. Furthermore, Realtors are also governed by the legal concept of "agency". An Agent is legally obligated to look after the best interests of the person for whom he or she is working. Because this is a legal obligation, it is understandable that RECO is now demanding written confirmation up front of just who is acting for whom. Please read the following information that describes the different possible forms of Agency relationship.

1. Seller's Agent

When a real estate company is a "Seller's Agent", it must do what is best for the Seller of a property. A Seller's Agent must tell the Seller anything known about a Buyer. For instance, if a Seller's Agent knows a Buyer is willing to offer more for a property, that information must be shared with the Seller. However, confidences a Seller shares with the Seller's Agent must be kept confidential. A Buyer can expect fair service and disclosure of pertinent information about a property; nothing will be misrepresented about a property and all questions will be answered honestly by the Seller's Agent.

2. Buyer's Agent

A real estate company acting as a "Buyer's Agent" must do what is best for the Buyer. A written contract establishes Buyer agency. It also explains services the Realtor will provide, spells out who will pay and specifies what obligations a Buyer may have. Typically, Buyers will be obliged to work exclusively with that Realtor for a period of time. A Realtor working for a Buyer will keep information about the Buyer confidential from the Seller.

3. Dual Agent:

Occasionally a real estate company will be the Agent of both the Buyer and Seller (A buyer whom it represents wants to buy a property listed with the same company.) Under this "Dual Agency' arrangement, the Realtor must do what is best for both the Seller and Buyer. A Dual Agent must fully disclose information to both the Buyer and Seller. No information will be confidential. A Realtor can be a Dual Agent only if both the Buyer and Seller agree by signing a standard OREA Confirmation of Co-operation and Representation form.

4. Limited Dual Agent

The form of Dual Agency with which many clients seem to feel most comfortable is a limited form of Dual Agency in which the Agent represents both Buyer and Seller and must deal with both the Buyer and the Seller impartially, disclosing all aspects of the transaction to both parties except:
1) what price a Buyer will pay if other than in the Offer and what price a Seller will accept if other than what is stated in the listing and 2) personal information about either Buyer or Seller, including their motivation.
The Agent will disclose:
1) to the Buyer, known defects in the physical condition of the property and 2) comparable property information to both Buyer and Seller. Who pays?
Usually, the Realtor will be paid BY THE SELLER from the proceeds of the sale, regardless of the form of agency which applies. The listing agreement states the selling Realtor's fee to be paid by the SELLER.

NOTE: It may appear that the Realtor working with a Buyer is working for that Buyer in an agency relationship, but that is not necessarily the case. Unless the Buyer has signed a Buyer Agency Agreement with the Broker, the Buyer is not a "Client" of the Realtor, but a 'Customer' and the Broker will be considered a Sub-Agent or Agent acting for the Seller. While a Seller's Agent can provide many valuable services to a Buyer, he or she must ultimately do what is best for the Seller.

If you do not understand some of the terms in this form, please email at mark@mississauga4sale.com


For a simple explanation see Working with a Realtor published by the Ontario Real Estate Association.

The Canadian Real Estate Association website has excellent information too, see here.

Continue with OREA Agency explanation

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