Most real estate professionals in our province are members of the Ontario Real Estate Association (OREA) and only members of OREA can call themselves Realtors. When you work 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.
Realtors believe it is important that the people they work with understand their agency relationship. That is why requirements and obligations for representation are included in a Code of Ethics. The Code requires Realtors to disclose in writing the nature of the services they are providing, and encourages Realtors to obtain written acknowledgment of that disclosure. The Code also requires Realtors to submit written representation agreement to buyers and sellers.
A written contract, called a Buyer Representation Agreement creates an agency relationship between the Buyer and the Brokerage, and establishes Buyer Representation.It also explains services the brokerage will provide, establishes a fee arrangement for the Realtor's services and specifies what obligations a Buyer may have.
When working with a Realtor, it is important to understand who the Realtor works for. To whom is the realtor legally obligated? A Realtor representing a Buyer must do what is best for the Buyer.
When an Buyer is represented under a Buyer Representation Agreement - you the client can expect the following services by your Realtor:
- Arrange Property Showings
- Assist with Financing Arrangements, Inspections and all aspects of the real estate transaction
- Provide Accurate Information
- Explain Forms and Agreements
- Give Advice and Counsel
- Keep Bargaining and Financial Position Confidential
- Negotiate the Best Price and Terms for you the Buyer
- Point Out Reasons Not to Buy a Specific Property
- Disclose All Information that Improves Bargaining Position
- Prepare an Offer favorable to you the Buyer