Working with a Realtor
Buying or selling a home there are several agency relationships to consider:
Seller's Representation:
A Real Estate Brokerage works on behalf of the seller.
This relationship is confirmed in writing by a signed Sellers Representation Agreement
It explains services the Brokerage will provide, establishes a fee basis and specifies what obligations the seller may have in regards to disclosing pertinent information about the property a prospective buyer should know about the house.
Buyer's Representation:
A Real Estate Brokerage works on behalf of the buyer to help them view homes and ultimately negotiate an offer to purchase.
This relationship is confirmed in writing by a signed Buyer Agency Agreement.
It explains the services the Realtor will provide and the obligations a buyer has working with that Realtor and Brokerage for a determined time frame.
Customer representation:
A buyer or seller may not wish to be under contract with a Real Estate Brokerage but would rather be treated as a customer.
A Realtor is obligated to treat every person in real estate transaction with honesty, fairness and integrity but unlike a Buyer Agency Agreement provides a customer with a restricted level of service.
Multiple representation:
This occurs when a Real Estate Brokerage has a listing contract and it is sold by a Realtor from the same Real Estate Brokerage. For example: Royal LePage Triland, Brokerage listing purchased through a Royal LePage Triland, Brokerage, Realtor with a signed Buyer's Agency Agreement.
Representation confirmed in writing:
All agents use the Confirmation of Cooperation and Representation form to make all parties aware, understand and acknowledge the relationship they have with their client prior to the submission of an offer.
Hazel would count it a pleasure to discuss and clarify these various relationships with you in greater detail.