Sapan Behar is a Real Estate Agent based in Langley, British Columbia. He specializes in residential real estate in Langley and Surrey. Sapan is associated with Royal LePage Wolstencroft Realty Ltd., a full service real estate brokerage located in Langley, BC. He is a very tech-savvy Realtor and runs http://www.bcfarmandhome.com - the most advanced real estate website in the Fraser Valley.
Wouldn’t you like to learn and understand agency relationships that you may form as look to buy or sell real estate in BC? What is a Realtor’s obligation to you and how does it change with a differing agency relationship.
What is agency?
Agency is a legal relationship between you, the principal and your brokerage, the company your Realtor is licensed under. An agency relationship gives that brokerage the authority to represent you in your dealings with others.
What are the different types of agency relationships?
There exist three types of agency relationships:
Agency
Dual Agency
No Agency
Agency
When an agency relationship exists between you and a brokerage, the brokerage owes you the following duties:
* The brokerage is obligated to disclose all known facts that may influence your decision and is obligated to protect your negotiating position at all times.
* The brokerage must obey all lawful instructions from you.
* The brokerage must keep your confidences, for example, the brokerage may not disclose a seller’s motivation to sell; or a buyer’s motivation to buy, to anyone.
* The brokerage must perform all of it’s assigned duties with reasonable care and competence.
* The brokerage must account for all monies or properties held for it’s principal.
In an agency relationship, the brokerage only represents the principal, no one else.
Dual Agency
When a brokerage represents both the seller and the buyer in real estate transaction, there exists dual agency. The brokerage owes the duty of confidentiality, loyalty and full disclosure to both parties. As such, it must limit these duties, if both parties agree in writing. The brokerage will deal with both the seller and the buyer impartially.
* It owes a duty of disclosure to both parties, except that:
the brokerage will not disclose what the buyer is willing to pay for the property or what the seller is willing to accept for the property;
the brokerage will not disclose either parties motivation to buy the property or sell the property;
the brokerage will not disclose either parties personal information, unless consent is received in writing.
* The brokerage will disclose to the buyer any known effects about the conditions of the subject property.
No Agency
In this type of relationship, you are not represented by a Realtor, for example, if you call the listing Realtor directly. The listing Realtor has an agency relationship with the seller and you may choose to deal with them under a No Agency relationship. The Realtor has an obligation to provide you with honest and accurate answers to your questions; however, the Realtor is NOT your agent and cannot:
* Recommend or suggest an offer or price
* Disclose the price the seller is willing to accept
* Disclose any other confidential information unless it has been authorized by the seller.
Clearly, the ideal situation is to be represented by a Realtor under an Agency Relationship, or at the very least, under a Dual Agency Relationship. A real estate transaction is going to be your largest financial investment, wouldn’t you wanted to be properly represented by a professional?
- Related Videos
- Related Articles
- Ask / Related Q&A
- Where Can You Find BC Real Estate Foreclosures?
- Bc Real Estate Property Investment
- The Best Time to Invest in Canadian Real Estate
- Real Estate Investing in Canada
- Demystifying Agency Relationships as They Relate to Buying or Selling Real Estate in Bc
- Investing in Vancouver Area Real Estate is Still Smart
- Essentialities for Profitable Real Estates
- Relocating to Vancouver: A Guide to Vancouver's Economy & Real Estate Market
Corporate Trophies and Decanters are a touch of glass gifts
By: 24hoursupplements | 08/12/2009Corporate trophies and decanters used as promotional products or corporate gifts may not be a requirement for many companies and organisation but for those who choose these marketing gifts, they are sure to create a long-lasting impression.
Internet and Ethics
By: Zoran Slavkovic | 05/12/2009The Internet is an extremely powerful means of communication. Unfortunately, many companies use the Internet and their web sites to place false information or using a specific marketing traps to attract many customers or users of certain services.
Dirty Corporate Feet Conspiracy… III
By: Lance Ruby | 04/12/2009Man, trys to help corporates solve crime but gets burned himself!
Recession-Scam Artists’ Favorite Playground
By: Jovana Zivanovic | 03/12/2009When the economy is in the slump, all the scam artists come out to play skilled and ready to take advantage of people desperate for an opportunity. The way they operate is that, at first, they just observe the situation to find a weak spot where they can hit with a biggest probability for success.
Ethics in Management
By: kaviya | 03/12/2009Ethics is the discipline dealing with that which is good and bad and with moral duty and obligation. Business ethics is concerned with the behaviour of a businessman in doing a business.Business ethics are developed by the passage of time and custom. A custom differs from one business to another.The ethics is beneficial for different classes such as customers, employees, industry, business,society and government.
CATWOE Soft Systems Model for Business Ethics
By: Vikram Karve | 02/12/2009Some upwardly mobile managers of today tend to rationalize when faced with an ethical dilemma and take the position that they must wear multiple ethical hats and cloak themselves with three separate conflicting codes of ethics: one code applicable to the professional or technical aspects of their work (Professional or Technical Ethics), another for their business behaviour (Business Ethics), and a third code of ethics for their personal lives (Personal Ethics).
Is Mlm Is Good And A Appropriate Way To Construct A Living
By: Dale Dupree | 02/12/20095 % of the people. In mlm you don't need to "sell" the products in the traditional sense of the word. However, the product does have to move or nobody gets ..
5 Steps to Protect Your Intellectual Property
By: Jovana Zivanovic | 02/12/2009Your Intellectual Property are all information, resorts you have used and products of your work. We are talking about customer lists, business processes, publications, trademarks, etc during and after your employment with the company. These items are considered Intellectual Property and proprietary information.
Round Numbers - not the Best Option
By: Sapan Behar | 07/06/2008 | Real EstateAvoid the zeros! According to a research team at Cornell University, people will pay more for a house if the listing price does not end in a bunch of zeros. According to their research, buyers will pay more for a house if it is listed at $675,425 rather than $676,000.
Tips for First Time Home Buyers in Fraser Valley
By: Sapan Behar | 07/06/2008 | Real EstateFirst time home buyers, either looking for a detached or attached home in the Fraser Valley, should put their emotions aside and follow some basic guidelines. Investigate the Fraser Valley area you are interested in.
Burns Bog - Delta, Bc
By: Sapan Behar | 03/06/2008 | DestinationsBurns Bog is a unique, urban wetland in the Fraser River delta, less than 15 km from the city of Vancouver, British Columbia. Named after Patrick Burns, the former owner, the Burn Bog is the largest domed peat bog on the Pacific coast of North America. Due to its many Arctic plant species, the Bog is described "as a northern island in a southern clime".
How Much Can You Afford?
By: Sapan Behar | 03/06/2008 | Real EstateLearn how to calculate the maximum mortgage you may qualify for, what TDS and GDS ratios are and how the effect what a lender will qualify you for.
Selling in a Buyer's Market
By: Sapan Behar | 01/03/2008 | BusinessWhat to consider when selling a home in a buyer's market. With the Fraser Valley real estate market moving from a seller's market to a buyer's market, it is taking longer for homes to sell and fewer are selling. This is causing a downward pressure on home sales. Learn how to quickly sell you home in such conditions.