FAIL (the browser should render some flash content, not this).

Your Relationship with a Realtor

The following information is obtained from the pamphlet “ Working with a Real Estate Agent” produced by the British Columbia Real Estate Association.
What can you expect from your realtor?

Realtors work within a legal relationship called agency. The agency relationship exists between you; the principal and your agent; the company/salesperson. The agreement gives the agent the right to act on behalf of you, the principal in a real estate transaction. Duties of an agent include:

  1. Loyalty, the agent must protect the principal’s negotiating position at all times and disclose all known facts which may affect or influence the principal’s decision.
  2. Confidentiality, to keep private all personal information.
  3. Disclosure, not to make a secret profit through your dealings with your principal.
  4. Accountability and Trust, to inform your principal of all relevant facts.
  5. Competence, to use due care, skill and diligence on behalf of the principal.

Can a Realtor represent both Buyer and Seller?

When a realtor represents both buyer and seller in the same transaction, dual agency occurs. Since the realtor has promised a duty of confidentiality, loyalty and full disclosure to both parties it is necessary to limit some of these duties. This relationship involves the following limitations:
1. The agent will deal with the buyer and the seller impartially.
2. The agent will have a duty of disclosure to both the buyer and the seller except that
the agent will not disclose that the buyer is willing to pay a price or agree to terms other than those contained in the offer, or that the seller is willing to accept a price or terms other than those contained in the listing.
the agent will not disclose the motivation of the buyer to buy or the seller to sell unless authorized by the buyer or seller.
the agent will not disclose personal information not otherwise disclosed in the transaction documentation about the seller or buyer to the other party unless authorized in writing.
The agent will disclose to the buyer defects about the physical condition of the property known to the agent.

If the Realtor does not represent you

You may also choose to use the services of a realtor without having any kind of agency relationship. This may occur, for example, when you are viewing a property by the seller’s agent. That realtor still has a legal and ethical duty to provide you with accurate and honest answers to your questions.

Your Privacy

How is my personal information collected?

Most of the personal information will be collected directly from you though the contracts and other documents you fill out such as multiple listing contracts, contracts of purchase and sale, seller’s property disclosure statements. Some information may be collected from government agencies, financial institutions and mortgage brokers.realtor without having any kind of agency relationship. This may occur, for example, when you are viewing a property by the seller’s agent. That realtor still has a legal and ethical duty to provide you with accurate and honest answers to your questions.

To whom may my personal information be disclosed?

Your information may be disclosed to (or may be accessible by) the real estate boards, their staff and members, other realtors and their clients, government departments, financial institutions, legal advisers, service providers, the British Columbia Real Estate
Association, the Real Estate Council of British Columbia, the Canadian Real Estate Association and members of the public. Not all of your information will be accessible to each of the above-mentioned entities. For example once the listing term has ended the general public will not have access to your information unless it is otherwise available through public registries.

Why is my personal information collected, used and disclosed?

Your information may be collected, used and disclosed for some or all of the following purposes:
· To allow members of real estate boards (including realtors and appraisers) to appraise your property.
· To list your property with the Multiple Listing Service in order to market your property.
· To market your property for sale through any other media (both print and electronic).
· To help you locate a suitable property to purchase.
· To facilitate the purchase and sale transaction (by cooperating with financial institutions, legal advisors and government departments and agencies).
· To allow the Boards and other real estate boards and their members (including realtors and appraisers) to compile current and historical statistics on sales and property prices, and to conduct comparative market analyses. Information about your property will be retained in the Multiple Listing Service for these purposes after your property has sold or your listing has expired (if you are a seller) and after you have purchased your property (if you are a buyer).
· To enforce codes of professional conduct and ethics for members of real estate boards (by cooperating with real estate boards, the British Columbia Association, the Real Estate Council of British Columbia, the Canadian Real Estate Association and other regulatory bodies).
· To comply with legal requirements and to act pursuant to legal authorizations.agency relationship. This may occur, for example, when you are viewing a property by the seller’s agent. That realtor still has a legal and ethical duty to provide you with accurate and honest answers to your questions.

Your Privacy

How is my personal information collected?

Most of the personal information will be collected directly from you though the contracts and other documents you fill out such as multiple listing contracts, contracts of purchase and sale, seller’s property disclosure statements. Some information may be collected from government agencies, financial institutions and mortgage brokers.

To whom may my personal information be disclosed?

Your information may be disclosed to (or may be accessible by) the real estate boards, their staff and members, other realtors and their clients, government departments, financial institutions, legal advisers, service providers, the British Columbia Real Estate
Association, the Real Estate Council of British Columbia, the Canadian Real Estate Association and members of the public. Not all of your information will be accessible to each of the above-mentioned entities. For example once the listing term has ended the general public will not have access to your information unless it is otherwise available through public registries.

Why is my personal information collected, used and disclosed?

Your information may be collected, used and disclosed for some or all of the following purposes:
· To allow members of real estate boards (including realtors and appraisers) to appraise your property.
· To list your property with the Multiple Listing Service in order to market your property.
· To market your property for sale through any other media (both print and electronic).
· To help you locate a suitable property to purchase.
· To facilitate the purchase and sale transaction (by cooperating with financial institutions, legal advisors and government departments and agencies).
· To allow the Boards and other real estate boards and their members (including realtors and appraisers) to compile current and historical statistics on sales and property prices, and to conduct comparative market analyses. Information about your property will be retained in the Multiple Listing Service for these purposes after your property has sold or your listing has expired (if you are a seller) and after you have purchased your property (if you are a buyer).
· To enforce codes of professional conduct and ethics for members of real estate boards (by cooperating with real estate boards, the British Columbia Association, the Real Estate Council of British Columbia, the Canadian Real Estate Association and other regulatory bodies).
· To comply with legal requirements and to act pursuant to legal authorizations.

Will my personal information be used for other purposes?

Your information may also be collected, used and disclosed for the following additional purposes:
Your realtor may communicate with you in the future to determine whether you require additional real estate services.
Your realtor may communicate with you to provide information about other products or services which may interest you.
Other realtors may communicate with you to determine whether you require additional real estate services.

Your Responsibilities as a Buyer

As a Buyer you should:

Read all documents and understand what you are signing.
If you need special or expert advice seek other professionals such as lawyers, contractors, engineers and surveyors.

 
Marketability of Your Home
The Marketability Test is an evaluation of improvements on properties types. This evaluation is on any extras over and above a specified set of points allotted to that particular property type.

Your Homes Value
Knowing the value of your home or property is essential if you are thinking about selling.



 

GalandyGroup.com © 2007. All Rights Reserved
Privacy Policy | Terms Of Use