Working With A Real Estate Agent
An explanation of the relationship between you and a Realtor
Your Relationship With A Realtor

Buying or selling a home is probably the most important and potentially rewarding financial transaction you'll make in your life. So it's a good idea to take a moment and consider the kind of relationship you might be entering into with a REALTOR. The more you know, the more satisfied you'll be with the results.

Download the "Working with a Real Estate Agent" brochure in PDF format - Click Here

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The Agency Relationship

Realtors work within a legal relationship called agency. The agency relationship is between, you the client, and your agent, the company with which the Realtor is licensed. Most Realtors use a blue brochure titled Working with a Real Estate Agent to disclose the nature of the agency relationship with their client.

A Realtor can act for a seller or a buyer, or to a limited degree, both. Whomever they represent, Realtors have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests.

Specifically, the agent has the following duties:

  1. Undivided 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. To obey all lawful instructions of the principal.
  3. An obligation to keep the confidences of the principal.
  4. The exercise of reasonable care and skill in performing all assigned duties.
  5. The duty to account for all money and property placed in an agent's hands while acting for the principal.

You can expect competent service from your agent, knowing that the company is bound by ethics and the law to be honest and thorough in representing a property listed for sale. Both buyer and seller can be represented by their own agents in a single transaction.

Seller’s Agent
In order for your Realtor to list your property for sale on the Multiple Listing Service® (MLS®), the Real Estate Board of Greater Vancouver requires completion of a listing agreement. By signing the listing agreement with you, your Realtor has committed to uphold the obligations mentioned above. The listing agreement also states the amount of compensation that the seller will pay the Realtor.

Buyer’s Agent
The contract of purchase and sale is initiated when an offer is made by the buyer to purchase the seller’s property. The contract outlines the terms and conditions of the offer, such as offer price and any subject conditions. The seller may reject the offer or make a counter offer. Once all terms have been accepted and both the seller and the buyer have signed the contract, each party is legally bound to fulfill the conditions of the contract.

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