BUYER AGENCY AND BUYER AGENCY AGREEMENTS
What does it mean to YOU?
Effective Jan 2000, The Real Estate Council of Ontario, in their new Code of Ethics, made it mandatory for all Real Estate Agents in Ontario to enter into Written Representation Agreements (both with Sellers and Buyers) at the earliest possible time. Thus BUYER AGENCY AGREEMENTS were introduced.
There are 2 kinds of BUYER AGENCY AGREEMENTS
one that represents the interests of the Customer
the other that represents the interests of the Client
So what is the difference between them?
CUSTOMER vs CLIENT – The difference is extremely important.
BUYER AGENCY AS A CLIENT
The Agent owes you (the client) the highest level of fiduciary duties – including competence, diligence, full disclosure, obedience, loyalty, confidentiality and full accounting. The Agent must endeavor to protect and promote the clients best interests.
If a Buyer won’t agree to a Buyer Agency Agreement, then he/she can only be treated as a CUSTOMER.
BUYER AGENCY AS A CUSTOMER
The Agent must deal fairly, honestly and with Integrity and not mislead you (the Customer) about a property transaction.
WRITTEN BUYER AGENCY AGREEMENTS ARE NOW MANDATORY.
Kindly ensure that you discuss your Agency Relationship with your Re/Max Vision Realty Salesperson. We cannot stress this enough - please ensure that you understand the relationship and the duties the Salesperson owes you.
If you are a Buyer and you choose not to have a Buyer Agency signed with your Buying Sales Representative - YOU ARE NOT BEING OFFERED THE FULL PROTECTION.
IT IS IN YOUR INTEREST TO ENSURE
YOU HAVE A SIGNED BUYER AGENCY AGREEMENT
PLAIN AND SIMPLE!