Buying or selling a property is probably the most important and potentially rewarding financial transaction you’ll make in your life. All realtors® in B.C. work within a legal relationship called AGENCY. The agency relationship exists between you, the PRINCIPAL, and your AGENT, WREC of Whistler, the company under which I am licensed. The essence of the agency relationship is that the agent has the authority to represent the principal in dealings with others.
Agents and their salespeople are legally obligated to protect and promote the interests of their principals as they would their own. Specifically, the agent has the following duties:
- Undivided Loyalty. The agent must protect the principals’ negotiating position at all times, and disclose all known facts which may affect or influence the principals’ decision.
- To Obey All Lawful Instructions of the principal.
- An obligation to Keep The Confidences of the principal.
- The Exercise Of Reasonable Care And Skill in performing all assigned duties.
- The duty to Account For All Money And Property placed in an agents’ hands while acting for the principal.
You can expect competent service, knowing that our company is bound by ethics and the law to be honest and thorough in representing a property listed for sale. Both buyer and seller can be represented by their own agents in a single transaction.
Dual Agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty to both parties, it’s necessary to limit these duties in this situation. If you find yourself in a Dual Agency relationship, before making or receiving an offer, both you and the other party will be asked to consent in writing to this new limited agency relationship. What this means is:
- The Agent will deal with the Buyer and the Seller impartially.
- The agent will have a duty of disclosure to both buyer and seller except that;
- the agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the offer, or that the Seller is willing to accept a price or terms other than those contained in the listing
- The agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized to do so
- The Agent will not disclose personal information about either the Buyer or the Seller unless authorized to do so
- The Agent will disclose to the Buyer defects about the physical condition of the property known to the Agent.