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Registering as a Buyer
Before registering you must first read through and understand the terms of this Agreement. By accepting the terms of this agreement, it allows the Broker to share information with you regarding listings and other matters based on an Agency Relationship.
WORKING WITH A REALTOR
The Real Estate Council of Ontario (RECO) is the governing body, which
sets enforceable standards of conduct for every salesperson and broker
licensed under the Real Estate and Business Brokers Act in Ontario. On
May 20, 1999, RECO implemented a new Code of Ethics to be complied with by every licensed Realtor in Ontario.
As of January 1, 2000, RECO will discipline all who are found to be
acting in contravention of this strict new ethical code. Specially,
Rule 4 of the new Code of Ethics states, "A Realtor shall enter into a
written Representation Agreement with a Client at the earliest
practical opportunity, and in all cases before any Offer to Purchase is
submitted or presented." Realtors must comply or risk losing their
license. Furthermore, Realtors are also governed by the legal concept
of "agency". An Agent is legally obligated to look after the best
interests of the person for whom he or she is working. Because this is
a legal obligation, it is understandable that RECO is now demanding
written confirmation up front of just who is acting for whom.
Please read the following information that describes the different
possible forms of Agency relationship. 

1. Seller's Agent
When a real estate company is a "Seller's Agent", it must do what is
best for the Seller of a property. A Seller's Agent must tell the
Seller anything known 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. However, confidences a Seller shares
with the Seller's Agent must be kept confidential. A Buyer can expect
fair service and disclosure of pertinent information about a property;
nothing will be misrepresented about a property and all questions will
be answered honestly by the Seller's Agent. 

2. Buyer's Agent
A real estate company acting as a "Buyer's Agent" must do what is best
for the Buyer. 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, Buyers will be
obliged to work exclusively with that Realtor for a period of time. A
Realtor working for a Buyer will keep information about the Buyer
confidential from the Seller. 

3. Dual Agent:
Occasionally a real estate company will be the Agent of both the Buyer and Seller (A buyer whom it represents wants to buy a property listed with the same company.) 
Under this "Dual Agency' arrangement, the Realtor must do what is best for both the Seller and Buyer. A Dual Agent must fully disclose information to both the Buyer and Seller. 
No information will be confidential. A Realtor can be a Dual Agent only if both the Buyer and Seller agree by signing a standard OREA Confirmation of Co-operation and Representation form. 

4. Limited Dual Agent
The form of Dual Agency with which many clients seem to feel most
comfortable is a limited form of Dual Agency in which the Agent
represents both Buyer and Seller and must deal with both the Buyer and
the Seller impartially, disclosing all aspects of the transaction to
both parties except: 
1) what price a Buyer will pay if other than in
the Offer and what price a Seller will accept if other than what is
stated in the listing and 
2) personal information about either Buyer or Seller, including their motivation. 
The Agent will disclose: 
1) to the Buyer, known defects in the physical condition of the property and 2)
comparable property information to both Buyer and Seller. Who pays?
Usually, the Realtor will be paid BY THE SELLER from the proceeds of
the sale, regardless of the form of agency which applies. The listing
agreement states the selling Realtor's fee to be paid by the SELLER.

NOTE: It may appear that the Realtor working with a Buyer is working
for that Buyer in an agency relationship, but that is not necessarily
the case. Unless the Buyer has signed a Buyer Agency Agreement with the Broker, the Buyer is not a "Client" of the Realtor, but a 'Customer'
and the Broker will be considered a Sub-Agent or Agent acting for the
Seller. 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.
If you do not understand some of the terms in this form, please email
us at betty@bettybart.com
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