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Buying with John Kelly

An Agency Contract, ensures that the Realtor is working exclusively for the buyer and providing loyalty, confidentiality, full disclosure and negotiates on your behalf. A Realtor who does not represent the buyer is not bound to perform the above duties. The Realtor works with you to find and evaluate the properties that you view and prepares a market study to determine the value in the marketplace. In order for us to “trade” in real estate, it is mandatory that either there be a Buyer Representation Agreement or a Buyer Customer Service Agreement in place.

 

 

 

 

An Explanation of Buyer Representation vs. Buyer Customer Service

 

Buyer Representation

 

  1. Confidentiality: The buyer can feel secure to divulge information without the fear of harming their negotiating position.

  2. Full Access: It is the responsibility of the salesperson to ensure that the buyer has access to the entire market. This includes private sales, expired listings, properties listed exclusively etc.

  3. First Opportunity: A buyer-client should know that he/she will have first access to any new opportunity that comes up be it via MLS or any other means at his broker’s disposal.

  4. Educating the Buyer: The salesperson is obligated to assist the buyer in making an objective comparison of all competing properties, comprehensive enough for the buyer to make an informed decision as to the value of the property in question and to make an offer accordingly.

  5. Price: The Salesperson is obligated to present all sales statistics in order for the buyer to make the most informed pricing decision, irrespective of the seller’s asking price.

  6. Personal Information: Knowledge of any personal information about the seller must be shared with the buyer, including but not limited to the price the seller is willing to accept, a price that has already been accepted or rejected, as the case may be, and the seller’s motivation.

  7. Negotiating: The salesperson is obligated to provide negotiating strategies and techniques that are in the best interest of the buyer.

  8. We are obligated to protect and promote your best interests. We are working for you and our allegiance is to you.



 

Buyer Customer Service

 

  1. All information gained about that buyer will be shared with the seller to enhance the negotiating position of the seller.

  2. The salesperson is acting as a sub-representative and has no such obligation to the buyer.

  3. A buyer-customer may have access to all potential properties, but only after the buyer-client has been given first opportunity and not if it conflicts with the buyer-client’s desire for a property.

  4. It is the obligation of the salesperson to present comparable facts that protect and enhance the value of the property in question.

  5. To provide price information to the buyer that supports the seller’s listing price.

  6. The salesperson is obligated to provide the seller with strategies and techniques that are in the best interest of the seller.

  7. Must share information about the buyer which may include but is not limited to: financial information and ability and/or willingness to pay more, motivation, and ability and/or willingness to change closing date.

  8. The salesperson is not obligated to satisfy any particular needs other than dealing fairly, honestly and with integrity with the buyer-customer.

  9. Negotiate clauses that are in the best interest of the seller, which may include but are not limited to, closing dates, chattels or a condition on the seller being able to purchase another home.

  10. Our allegiance is ultimately to the seller.

 

The brokerage’s allegiance is to whomever is under contract.

To verify the above or for additional information contact the Real Estate Council of Ontario (RECO) at 1-800-245-6910 or information@reco.on.ca

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© John Kelly Real Estate 2015