A real estate transaction includes a hefty list of documents and a lengthy amount of research and reading. Your representative will advise you about topics that will mostly be relevant in your particular transaction.
At the beginning of any discussion, a Real Estate representative is required to provide disclosure forms. These forms highlight details that may affect conversations a consumer partakes in prior to having established Realtor representation.
Disclosure of Representation in Trading Services:
This document discusses the differences between a client and non-client relationship. If a client relationship is established, the Realtor works on your behalf. The real estate professional representing you has special legal duties to you, including:
Loyalty
Always acting in your best interest.
Full Disclosure
Telling you everything that might influence your decision in a transaction.
Avoiding Conflicts of Interest
Avoiding any situation that would affect their duty to act in your best interest.
Confidentiality
Not revealing any of your private information, even after your relationship ends.
A real estate professional who is not representing you as a client, does not owe you ANY special duties. Regardless of a client relationship, a representative must ALWAYS act honestly and with reasonable care and skill.
Privacy Notice and Consent:
The privacy notice form is provided to consumers to disclose how your personal information is used. This form provides you with information about, and obtains your consent to, information handling practices.
Disclosure of Risks to Unrepresented Parties:
Realtors can only provide limited assistance to unrepresented parties. Services such as providing statistics, standard contracts and relevant documents to the unrepresented party. Additionally they can help the unrepresented party fill out standard contracts/documents, communicate messages to their client, and present offers/counteroffers. NO advice can be provided to the unrepresented party.
Definitions of Terms
Agency: a type of relationship where the agent has the authority to represent and act for the consumer in dealing with others.
Client: the principal who has engaged the real estate professional to provide real estate services to or on behalf of the principal.
Non-client/unrepresented party: a party to the trade in real estate who is not a client of a real estate professional.
Conflict of interest: a situation where there is a substantial risk that the agent’s representation of a client would be negatively affected by the agent’s own interests or by the agent’s duties to another current client, a former client, or a third party.
Confidential information: any information about a consumer that is not available to the public. This can include the consumer’s finances, personal situation, motivations or needs.
Trading Services: means any of the following services provided to or on behalf of a party to a trade in real estate:
- advising on the appropriate price for the real estate;
(b) making representations about the real estate;
(c) finding the real estate for a party to acquire;
(d) finding a party to acquire the real estate;
(e) showing the real estate;
(f) negotiating the price of the real estate or the terms of the trade in real estate;
(g) presenting offers to dispose of or acquire the real estate;
(h) receiving deposit money paid in respect of the real estate
During a transaction, every form presented is for the consumer’s benefit. The forms are provided to assist you with making fully conscious decisions every step of the way. It is important that Realtors make full disclosures to ALL consumers. This helps to avoid troubling situations where a Buyer or Seller are left unaware of their actions, words or distribution of information.
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Please always verify the accuracy of this information through your own due diligence. Nicole McWilliams will assume no responsibility or liability for the accuracy of the information within.
I would love to be your Real Estate Agent of Choice!
EVERYONE needs a home to live in. That is why I continue to be confident in the Canadian Real Estate Market. I recommend taking a peek at our current listings on the market.
Do not hesitate to contact me directly by email or phone to discuss all your real estate needs!
Warm Wishes;
Nicole McWilliams
“making the valley home”
Sage Executive Group Real Estate
250.808.3125 | nicolemcwilliamsproperties@gmail.com
nmcrealestate.ca
