Your most valuable possession is entrusted into the hands of a person you met just a few days back – some amount of apprehension is expected. Your Realtor® will be in charge of selling, buying etc. of your property. Well, is it really necessary to contact a Realtor®? Can we directly sell or buy properties from owners? Are there any legal implications that we need to know about? Well, there are a number of questions that need to be answered:
The simple answer is that a Realtor® can help you through the entire process and can make the buying/selling process seamless and easy for you. With years of experience, they know the in and out of the industry and can guide you on the way too.
Realtor’s work as an agency
This means that the individual representing you is a part of a company and is licensed. The essence of the agency relationship is that the brokerage has the authority to represent the principal in the dealings with others. Brokerages and their licensees are legally obligated to protect and promote the interests of their principals.
Undivided loyalty
The brokerage must protect the principal’s negotiating position at all times. It is their duty to obey all lawful instructions of the principal. They have an obligation to keep the confidences of the principal. They also have the responsibility to account for all the money and the property placed in a brokerage’s hands.
Dual agency
Whenever a brokerage is representing both the buyer or tenant and the seller or the landlord, – in the same transaction, it is said to be a dual agency. Since the brokerage promises a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it becomes important for the dual agency to limit these duties in this situation – if both the parties consent.
When there is no agency relationship
It is also possible to avail the services of a Realtor® without having any agency relationship. For example, when you are being shown a particular property by the seller’s agent you have no agency relationship.
A Realtor® who is not an agent
Finally, any Realtor® who is not an agent cannot recommend or suggest prices for the properties. He cannot inform you of the bottom line of the principal. He is also not allowed to disclose any confidential information about his or her principal – unless it is explicitly authorized.
It is important to understand how this works and be aware that you should not provide a Realtor® who is not your agent with any information that you would not directly provide to the principal!
Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007. Naz, is a full-time Vancouver Realtor® who believes in providing service beyond her clients’ expectations.
Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007. Naz, is a full-time Vancouver Realtor® who believes in providing service beyond her clients’ expectations.
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