IS THAT REALTOR WORKING FOR?
we like surprises, like a surprise party or a surprise gift. When it
to buying or selling your home, however, surprises are the last thing
believe it’s important for you to understand for whom they are working,
and what services you can expect from them. That way there are no
surprises later in the transaction. A REALTOR may be working for you –
if you have a clearly established “agency relationship” with that
But often, you may assume such an obligation exists when it does not.
next time you are buying or selling a home, you will be asked to sign
form of agency agreement. The use of written agency agreements, whether
with buyers or sellers, is now mandatory for all real estate
in Ontario. As an agent, the REALTOR is legally obligated to look after
the best interests of the person he or she is working for. The agent
be loyal to that person.
real estate profession itself lobbied for many years for the creation
the Real Estate Council of Ontario (RECO), a self-management body for
profession in Ontario. As of January 1, 2000, all licensed real estate
brokers and sales people must follow certain rules designed by RECO to
rules include clearly establishing whom the REALTOR is working for in a
real estate transaction -- the buyer or the seller -- and acknowledging
that relationship in writing. Failure to have a written agency contract
is a breach of the RECO code of ethics.
will be asked to sign a listing agreement if you are a seller. You will
be asked to sign a buyer agency agreement if you are a buyer and the
is representing your interests. And, whether you are a buyer or a
you will be asked to sign documentation confirming that you understand
whom the REALTOR is working for.
or selling a home is an exciting, but complicated process. A REALTOR’s
expertise will ensure your real estate transaction runs smoothly.
that a REALTOR is in your corner, acting as your advocate and
your best interests will give you greater peace of mind.
Real Estate Association