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| Why use a Real Estate Agent ? |
| The services of a qualified real estate professional are of the utmost importance once you have decided to buy or sell a home. The ideal sales agent should have a good working knowledge of the local real estate market, have the support of a reputable real estate company, and be prepared to deliver a high standard of service to customers and clients. A good agent will save you time and money. |
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| When Buying a House |
- Agents are experienced negotiators who will manage your offers and counter-offers.
- An agent is familiar with the neighbourhood and can give you information on local real estate values, taxes, utility costs, services and amenities.
- An agent is familiar with the entire home purchasing process and can advise you of your legal and financial options, as well as recommend appraisal, home inspection, and contracting services.
- An agent can pinpoint homes that fit your specific needs and discard those that do not, saving you time.
- An agent knows the potential problem areas in a home and can guide you away from "lemons".
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| When Selling a House |
- An agent knows real estate values in your particular neighbourhood and will help set an agreeable and competitive price on your home.
- An agent will establish a marketing strategy for your home, ensuring that your property is exposed to numerous potential buyers.
- An agent takes care of the many details involved in selling a house e.g. signage, advertising, positioning your home competitively etc. This ensures that the process is simplified and as low stress as possible for you.
- An agent is an expert in the home selling process and as such will advise you of your rights, options and obligations.
- An agent is an experienced negotiator and will work for your best interests and to get you the best possible price
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| Working with a REALTOR: The Agency Relationship |
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| REALTORS are governed 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. The agent must be loyal to that person. |
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| 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. |
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| 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. |
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| In real estate, there are three different types of agency relationship: |
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| Seller's Agent |
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| When a real estate company is a "seller's agent", it must do what is best for the seller of a property. |
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| A seller's agent must tell the seller what they know about a buyer. For instance, if a seller's agent knows a buyer is willing to offer more for a property, that information must be shared with the seller. Confidences a seller shares with a seller's agent must be kept confidential. |
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| A buyer 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. |
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| Buyer's Agent |
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| A real estate company acting as a "buyer's agent" must do what is best for the buyer. |
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| A written contract establishes buyer agency. It also explains services the realtor will provide, spells out who will pay and specifies what obligations a buyer may have. Typically, purchasers will be obliged to work exclusively with that realtor for a period of time. |
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| A realtor working for a buyer will keep information about the buyer confidential from the seller. |
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| Dual Agency |
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| Occasionally a real estate company will be the agent of both the buyer and the seller. Under this "dual agency" arrangement, the realtor must do what is best for both the seller and the buyer. |
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| A realtor can be a dual agent only if both the buyer and seller agree in writing prior to a "Purchase and Sale" agreement being signed. |
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| Who Pays ? |
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| Usually, the realtor will be paid by the seller from the proceeds of the sale. The listing agreement states the applicable fee. |
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| When more than one Agent is involved |
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| Often, a buyer will work with one realtor and a seller will work with another. Unless the buyer has established a buyer agency relationship with the realtor, the realtor may be a "sub-agent" of the seller. In this case, the realtor is actually a seller's agent. While a seller's agent can provide many valuable services to a buyer, he or she must ultimately do what is best for the seller. |
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| If a written contract exists with a buyer, a realtor can be a buyer's agent. |
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| Buyers and sellers will always be told, in writing, who a realtor is working for. |
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| Honesty and Integrity |
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| Most real estate professionals in our province are members of the Ontario Real Estate Association (OREA), and only members of OREA can call themselves REALTOR. |
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| When you deal with a realtor, you can expect not only strict adherence to provincial laws, but also adherence to a Code of Ethics. And that code is very important to you because it assures you will receive the highest level of service, honesty and integrity. |
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| Highest Professional Standards |
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| Before receiving a real estate licence, candidates must successfully complete an extensive course of study developed by OREA on behalf of the Ontario Government ... and that's only the beginning: in the two years after receiving their licence, the new professionals are required to successfully complete three additional courses as part of their articling with an experienced broker. Recent legislation requires all licensed real estate professionals in Ontario to participate in mandatory continuing education in every 2-year license renewal cycle. |
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