Would not you like to learn and understand agency relationships that can be like looking to buy or sell real estate in BC? What is an obligation real estate agent for you and how Does it change with a different agency relationship.
What is the agency?
Agency is a legal relationship between you, the director and his brokerage, the company of your real estate agent is licensed under. An agency relationship gives the broker authority to represent you in your relationships with others.
What are the different types of agency relationships?
There are three types of agency relationships:
Agency
Dual agency
No Agency
Agency
When an agency relationship between you and a local brokerage, the broker owes the following duties:
* The brokerage firm is required to disclose all known facts that may influence your decision and is obliged to protect its negotiating position at all times.
* The brokerage must obey all legal instructions from you.
* The brokerage firm must keep its secrets, for example, the agency can not disclose the motivation of a seller to sell, or motivation of a buyer to buy one.
* The brokerage must perform all tasks are assigned with diligence and competence.
* The signature brokerage must account for all money or assets owned by its parent.
In an agency relationship, the agency only represents the main, no one else.
Dual agency
When a brokerage represents both the seller and the buyer in the real estate transaction, there is no agency double. The brokerage has a duty of confidentiality, loyalty and full disclosure of both parties. As such it is necessary to limit those rights, if both parties are agree in writing. The brokerage will deal with both the seller and the buyer an impartial manner.
* You have a duty of disclosure to both parties, unless:
broker will not disclose what the buyer is willing to pay for the property or what the seller is willing to accept for the property;
The brokerage did not disclose or motivation of the parties to purchase the property or sell property;
brokerage will not disclose any party personal information unless you receive written consent.
* The brokerage will disclose to the buyer known effects on the conditions of the subject property.
No Agency
In this relationship, are not represented by a real estate agent, for example, if you call the list of real estate directly. The list of real estate has an agency relationship with the seller and you can choose to deal with them under a relationship not the Agency. The real estate agent has an obligation to provide honest and accurate answer to your questions, however, the real estate agent is not your agent and you can not:
* Recommend or suggest an offer or the price
* Disclose the price the seller is willing to accept
* Disclose any other confidential information unless authorized by the seller.
Obviously the ideal situation is to be represented by a real estate agent under an agency relationship, or at least under a dual agency relationship. A real estate transaction will be your greatest financial investment, would not be adequately represented by a professional?
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