MONDAY MOMENTS WITH MICHELLE – Acting in YOUR best interest

Welcome to Episode 5!

 

In the next few weeks, I am going to do my best to walk you through a typical real estate transaction – step by step.

 

FIRST and FOREMOST in EVERY real estate transaction, whether you are a SELLER or a BUYER – your agent is required to establish AGENCY.

 

Before any real estate agent can provide you with any TRADING SERVICES, they must present you with a disclosure form outlining how they are going to represent you. This form is NOT a contract.

 

TRADING SERVICES simply put includes:

• Giving you a market evaluation of your property
• Making representations about real estate
• Helping you find a property
• Showing you properties
• Presenting and negotiating offers

 

In 2018, the B.C. government banned dual agency, meaning, a real estate agent cannot represent both the BUYER and the SELLER in the same transaction with regards to the same property. They also can’t represent two buyers in regards to the same property. This makes sense since buying and/or selling property is probably the single biggest transaction you will ever make and you want to make sure that only your best interests are being represented and protected and there are no gray areas.

 

As a client, exclusive agency means that the real estate agent will exercise LOYALTY and act onlyin your best interests. Exclusive agency also means that the agent must DISCLOSE everything that they know that might influence your decision in a transaction. An agent must also avoid anyconflicts of interest; for example – a situation that would affect their duty to act in your best interest. As a client, your CONFIDENTIALITY is also key. Agents cannot and must not reveal your private information without your permission. Confidentiality continues on even after the transactional relationship has ended.

 

If you decide to NOT engage a real estate agent when buying or selling property, the agent representing their client on the other side of the transaction does not owe you the duties of LOYALTY, FULL DISCLOSURE, AVOIDING CONFLICTS and CONFIDENTIALITY.

 

In all transactions though, a real estate professional DOES have a duty to act honestly and with reasonable care and skill.

 

Feel free to reach out to me regarding this content or to suggest subjects you would like to learn about.

 

Oh, by the way! I am NEVER too busy for your Referrals, either!

 

Definitely call me if you want exceptional real estate service!

 

Have a great week! I look forward to next Monday when I will introduce to you - STEP 1 in the SELLING process.