| It is important to understand that in
British Columbia the person you hire to assist you to
purchase your home must be licensed as either a real estate
salesperson or a real estate agent.
In every real estate transaction there is a seller
and a buyer. A real estate licensee may be employed
as an agent for the seller, as an agent for the buyer,
or as an agent for both, called a Dual
Agent.
In your first meeting with us in our office we will
provide you with full disclosure about the nature of
our relationship with you, as a buyer, and any relationship
you may have as a seller.
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There are various types of Agency relationships that
may occur between the buyer, the seller, and the licensee.
According to the British Columbia Real Estate Association,
an Agency relationship can be defined through the following:
The Agency Relationship
REALTORS work within a legal relationship called
agency. The agency relationship exists between you,
the principal, and your agent, the company under which
the individual salesperson, who is representing you,
is 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:
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Undivided loyalty. The agent must protect
the principal’s negotiating position at all times,
and disclose all unknown facts which may affect
of influence the principal’s decision.
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To obey all lawful instructions of the principal.
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An obligation to keep the confidences of the principal.
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To exercise a reasonable care and skill
in performing all assigned duties.
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The duty to account for all money and property
placed in an agent’s hand while acting for the principal.
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