Seller's Guide » Seller Agency
Understanding Your Seller Agency Relationships With Your Realtor
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.
Realtors
also commit to:
- Protect
the client’s negotiating position at all times.
- Provide
undivided loyalty and keep the confidences of the client.
- Adhere
to a strict Code of Ethics and a high standard of practice.
- Exercise
reasonable care and skill in performing all assigned
duties.
- Be accountable
for all money and property placed in the agent’s hands
while acting for the client.
Seller’s Agent
As a seller, your Realtor’s professional marketing skills and networking
connections can help in obtaining the maximum market value for your home.
During negotiations, you can rely on your REALTOR® to represent your interests
and provide advice on price, possession and closing date.
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.
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.
Dual Agency
Dual agency is created when an agent represents both the buyer and a seller
in a single transaction. This can happen if a REALTOR® who is representing
a buyer sells one of his or her own listings to that buyer (see diagram
on bar).
A dual agent must be impartial to both the buyer and the seller and fully
disclose all information pertinent to the transaction. A REALTOR® can be
a dual agent only if both the seller and the buyer agree in writing.
Remember: always read all contracts and disclosure forms before signing.
If you have questions regarding agency relationships contact your Realtor.
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