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When a real estate company is a "vendor's agent," it must do what is best for the vendor of a property.

A vendor's agent nust tell the vendor anything known about a purchaser. For instance, if a vendor's agent knows a purchaser is willing to offer more for a property, that information must be shared with the vendor. Confidences a vendor shares with a vendor's agent must be kept confidential.

A purchaser can expect fair service and disclosure of pertinent information about a property. Nothing will be misrepresented about a property. All questions will be answered honestly.

Purchaser's Agent

A real estate company acting as a "purchaser's agent" must do what is best for the purchaser.

A written contract establishes purchaser agency. It also explains services the REALTOR will provide, spells out who will pay and specifies what obligations a purchaser may have. Typically, purchasers will be obliged to work exclusively with that REALTOR for a period of time.

A REALTOR working for a purchaser will keep information about the purchaser confidential from the vendor.

Dual Agent

Occasionally a real estate company will be the agent of both the purchaser and the vendor. Under this "dual agency" arrangement, the REALTOR must do what is best for both the vendor and purchaser.

A dual agent must fully disclose information to both the purchaser and vendor. No information will be confidential.

A REALTOR can be a dual agent only if both the purchaser and vendor agree in writing.
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	The Agency Relationship real estate search \| for the buyer \| for the seller \| mortgage information \| services directory about london \| schools \| home maintenance \| today's market \| meet ron home page \| contact me When working with a REALTOR, it is important to understand who the REALTOR works for. To whom is the REALTOR legally obligated? REALTORS are goverened by the legal concept of "agency". An agent is legally obligated to look after the best interests of the person he or she is working for. That agent must be loyal to that person. A REALTOR may be your agent - if you have clearly established an agency relationship with that realtor. But often, you may assume such an obligation exists when it does not. REALTORS believe it is important that the people they work with understand when an agency relationship exists and when it does not - and to understand what it means. In real estate there are different forms of agency relationship:
	Vendor's Agent When a real estate company is a "vendor's agent," it must do what is best for the vendor of a property. A vendor's agent nust tell the vendor anything known about a purchaser. For instance, if a vendor's agent knows a purchaser is willing to offer more for a property, that information must be shared with the vendor. Confidences a vendor shares with a vendor's agent must be kept confidential. A purchaser can expect fair service and disclosure of pertinent information about a property. Nothing will be misrepresented about a property. All questions will be answered honestly. Purchaser's Agent A real estate company acting as a "purchaser's agent" must do what is best for the purchaser. A written contract establishes purchaser agency. It also explains services the REALTOR will provide, spells out who will pay and specifies what obligations a purchaser may have. Typically, purchasers will be obliged to work exclusively with that REALTOR for a period of time. A REALTOR working for a purchaser will keep information about the purchaser confidential from the vendor. Dual Agent Occasionally a real estate company will be the agent of both the purchaser and the vendor. Under this "dual agency" arrangement, the REALTOR must do what is best for both the vendor and purchaser. A dual agent must fully disclose information to both the purchaser and vendor. No information will be confidential. A REALTOR can be a dual agent only if both the purchaser and vendor agree in writing. Top Ron McDougall 1st London Real Estate Services 1069 Wellington Road South London, Ontario N6E 2H6 (519) 685-4190 * Fax (519) 660-1813 ronmcdougall@rogers.com www.ronmcdougall.com real estate search \| for the buyer \| for the seller \| mortgage information \| services directory about london \| schools \| home maintenance \| today's market \| meet ron home page \| contact me