The simple truth is that unless you actually hire a realtor as your "agent" he/she is not legally working for you or representing you.
Buying or selling a home in the London, Ontario and area is probably the most important and potentially rewarding financial transaction you'll ever make in your life.
There may indeed be hundreds of thousands of dollars at stake! So it's a good idea to take a moment and consider the consequences of the kinds of relationships that you might be entering into with a Realtor.
"Knowledge is power". The more you know, the more satisfied you'll be with the results.
"The last time I bought a home I thought that my agent really looked out for me. Why would anything be different today?"
A great deal has changed over the last 5-10 years! In the recent past, there was no such thing as a "buyer's agent", instead, there was a lot of bending the rules.
In today's highly litigious environment, however, real estate agents are much more cautious. Despite what it might 'look like' the only way you can be sure an agent is on your side and working for your best interests is to hire them as your buyer's agent.
By Law, there are only three types of Agency Relationships available.
In any real estate transaction both buyer and seller need to acknowledge and consent in writing to one of these three agency relationships.
In fact, in Ontario (and most other Canadian and US jurisdictions) real estate agents are required by law (although many still don't) to review with their clients and customers the written information called Working With A Realtor, which describes the three types of agency relationships available.
They are outlined below.
1) Buyers Agency OR Sellers Agency (But Not Both at the Same Time)
Both the buyer and seller can be represented by their own agents in a single transaction. The buyers agent works for the buyer and the seller's agent is working for the seller.
"But won't I get a better deal if I buy directly from the listing agent?"
The honest answer is NO! The truth is that the listing agent owes their loyalty to the seller and cannot legally help you get a better deal.
While it's true that the listing agent may be knowledgeable about a particular property, they are not very likely to point out the negatives or tell you about other even better homes.
They are unlikely to negotiate very effectively on your behalf either since they are legally obliged to get the best deal for their client, the seller - not you! At best, you can only expect impartiality in this situation.
2) Dual Agency (representing both Seller and Buyer at same time)
This occurs when a real estate agent represents both buyer and seller in the same transaction.
You can expect the agent to:
- Deal impartially with both the buyer and the seller.
- Disclose any physical defects of the property if known.
- Owe a duty to disclose to both the buyer and seller except...
- Will not disclose price or terms other than those in the offer.
- Will not disclose motivation unless authorized.
- Will not disclose personal information unless authorized in writing.
- In other words, they are more of a mediator, neither for nor against either party.
3) No Agency Relationship (You have no Agency contract or relationship)
Your Agent cannot legally:
- Recommend or suggest a price to you
- Negotiate on your behalf
- Inform you of the other party's top or bottom price
- Disclose any confidential information about the other party unless authorized
- You shouldn't provide them with information that you don't want disclosed!!
Sellers Have Agents Working For Them...Buyers Should To!
When you hire Our Team as your Buyer's Agent the entire house hunting process will change for the better.
Rather than having another Realtor trying to sell you on "how great the home is" and "what a great buy it is"... "it probably won't last too long" or "you should try an offer today" etc. etc.
As your Buyer's Agent, we will assist you in finding a property that really feels like home to you, and would point out the negatives as well as the positives.
We specialize in helping Home Buyers locate the absolute best homes - not only just those listed on the MLS, but also other often overlooked sources of well-priced homes as well.
Once we find your dream home, we will negotiate expertly on YOUR behalf to insure that you also get the best price and terms.
Our Team will also assist in seeing that you secure the most favorable financing available!
But it doesn't stop there.
We will also protect YOUR best interests every step along the way and even the closing date! Why not put Our Team to work for you today?
Call us at 519-471-8888 today to set up a confidential appointment.