{"id":1776,"date":"2015-01-11T15:59:00","date_gmt":"2015-01-11T15:59:00","guid":{"rendered":"https:\/\/auburnbaysetonhomes.com\/?page_id=1776"},"modified":"2015-04-19T21:22:18","modified_gmt":"2015-04-19T21:22:18","slug":"consumer-relationships-guide","status":"publish","type":"page","link":"https:\/\/auburnbaysetonhomes.com\/?page_id=1776","title":{"rendered":"Consumer Relationships Guide"},"content":{"rendered":"
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Consumer Relationships Guide<\/h2>\n

Real estate professionals have a regulatory requirement to present and discuss this Guide with you. \u00a0Members of the Canadian Real Estate Association ( CREA ) are required to abide by a strict code of Ethics and Standards of Business Practice, which serves to protect the buying and selling public alike. One of the ethical obligations embodied in the Code requires that REALTORS disclose who they are representing in a real estate transaction. There are a number of different situations that may arise while we are looking for your new home and I would like to discuss them below. In a number of these instances, if we do not handle the situation correctly, I may lose the right to represent you in the transaction.\u00a0 You do deserve the right to be represented by your own agent so we must discuss these individual instances. \u00a0For more information about those different situations, visit our Realtor Representation<\/a> page.<\/p>\n

Understanding the legal relationship with your real estate professional<\/h4>\n

Buying or selling a property is probably one of the most important financial decisions you will make. \u00a0This Guide explains the different relationships you can have with a real estate professional. \u00a0Each has its own legal meaning and responsibilities, so it is important to understand them.<\/p>\n

What this Guide explains<\/h4>\n

There are three kinds of relationships you can have with a real estate professional.<\/p>\n

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  1. A real estate brokerage* can act as your agent. \u00a0This is called a common law agency relationship and it includes all brokerage real estate professionals and staff.<\/li>\n
  2. An individual real estate professional can act as your agent. \u00a0This is called a designated agency relationship.<\/li>\n
  3. You can be a customer to a real estate professional.<\/li>\n<\/ol>\n

    The Guide also explains what happens when the buyer and seller have the same agent.<\/p>\n

    *A brokerage is the organization your industry professional works for.<\/pre>\n
    Choosing to have an agent (also called an agency relationship)<\/h4>\n
    An agent is someone who acts on your behalf with your permission, \u00a0If the agent is an individual, the agency relationship is between the individual and you. \u00a0If the agent is a brokerage, the agency relationship is between the brokerage and you. \u00a0When you appoint an agent, you’ll be asked to sign a written agreement that explains both the agent’s responsibilities and yours.<\/p>\n
    An agent\u2019s responsibilities to you<\/h4>\n
    A sole agent acts for either the buyer or the seller in a trade or possible trade, and has a duty to protect that client’s interests. \u00a0In this relationship, the real estate professional has the highest level of legal responsibility to you. \u00a0These responsibilities include:<\/p>\n
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    1. Undivided Loyalty<\/strong><\/em>: \u00a0The agent must act only in your best interests and put them above their own and those of other people. \u00a0The agent must avoid conflicts of interest and must protect your negotiating position at all times.<\/li>\n
    2. Confidentiality:<\/em> <\/strong>\u00a0The agent must keep information confidential, even after your relationship ends. \u00a0Confidential information includes your personal information, information about the property, and information about the transaction (except information the law says must be disclosed or information you agree to disclose.)<\/li>\n
    3. Full Disclosure:<\/em><\/strong> \u00a0The agent must tell you, in writing about the services they will provide. \u00a0They must also tell you everything they know that might affect your relationship or influence your decision in a transaction, even if they don’t \u00a0think it’s important. \u00a0This includes any conflicts of interest, for example when they act (or are planning to act) on behalf of any other person in a transaction. \u00a0The only information they can’t give you is confidential information from another agency relationship.<\/li>\n
    4. Obedience:<\/em><\/strong> \u00a0The agent must obey all your lawful, reasonable and ordinary instructions. \u00a0If you insist on something unlawful, the agent must refuse and consider ending your relationship and the agreement.<\/li>\n
    5. Reasonable care and skill:<\/em><\/strong> \u00a0The agent must exercise reasonable care and skill in all their duties. \u00a0They must meet the standard of a reasonable and competent member of the real estate industry.<\/li>\n
    6. Full Accounting:<\/em><\/strong> \u00a0The agent must account for all money and property they receive while acting on your behalf. \u00a0Everything a client puts in the cate of an agent–for example, money, keys, or documents–is returned when the agreement ends.<\/li>\n<\/ol>\n
      Your responsibilities to the agent<\/h4>\n
      You must:<\/p>\n