Once you decide on a realtor to work with, one of the first documents you will receive and review with them will be the RECO Information Guide and the Working With a Realtor Form. The purpose of this form and information is to fully understand the relationship between the brokerage/salesperson and yourself!

This guide outlines:

~ What services an agent provides to you as the Seller or Buyer

~ The risks of representing yourself

~ What happens when you decide to sign a contract

~ Understanding multiple representation

~ How to file a complaint

When navigating the complexities of real estate transactions, there are numerous advantages in letting your realtor take on some of the stresses and tasks in their professional capacity. All real estate salespeople in Ontario must be registered after having completed the necessary education. They are able to provide real estate expertise through valuable information, advice and guidance.

If you are a seller, an agent can…

~ advise you on market conditions

~ market your home through various media & channels

~ provide referrals to other professionals

~ arrange home inspections, appraisals, showings

~ vet offers & buyers

~ negotiate to achieve the best results, price & terms

~ guide you through paperwork & the transaction

If you are a buyer, an agent can…

~ assist with getting pre-approved for financing

~ bring awareness regarding tax exemptions

~ gather & share information regarding homes of interest & arrange showings

~ inquire about zoning, permitted uses, other home aspects

~ advise on competing offer situations & protecting your offer

~ negotiate to achieve best results, price & terms

~ guide you through paperwork & the transaction

~ provide referrals to other professionals

Duties the brokerage and agent owe to the client

~ undivided loyalty, meaning promoting and protecting your best interests

~ disclosure, meaning they have an obligation to tell the client about the transaction & relationship that could have an impact on client decisions

~ confidentiality, meaning any confidential information cannot be share without the client’s written consent, except where required by law

~ avoid conflicts of interest, meaning avoiding any situation that would affect their duty to act in the client’s best interests

Client responsibilities

~ being clear about wants & needs and sharing any relevant information (for example, zoning requirements, amenities preferred, etc.)

~ respond to the salesperson’s questions promptly

~ understanding the terms of the agreement (with the brokerage); this is very important to follow through with your commitment and responsibilities that you have signed for

~ pay the agreed upon fees, even if the agreement falls through because of your default or neglect 

When you become a client, you sign a representation agreement with the brokerage. The agreement is a contract between you and the brokerage for real estate services and representation. If you choose not to sign an agreement, you should not expect the real estate salesperson to provide you with any services, like showing you homes. I will expand on signing a contract with a real estate brokerage in an upcoming blog post, as it is often one of the first steps in finding or selling your property and can at times, be confusing!