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Buyer Agency is
a new concept in B.C. Real Estate. It was introduced in 1995 through the combined
efforts of the Provincial Government, The Real Estate Council and the B.C. Real Estate
Association.
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Prior to
1995 any Realtor working with a buyer was actually working as a
"Subagent" to the listing agent who, of course, was working for the
seller. In effect both Realtors were obligated to represent the seller's interests
and the buyer was not represented in a transaction.
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Today:
fortunately, for buyers, the new law of Buyer Agency now provides that a Buyer's Agent now has duties
of loyalty, confidentiality, full disclosure, financial accountability and reasonable care
and skill. The obligations of the buyer and the Buyer's Agent are defined in the Buyer's Agent Contract.
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My Job As Your Agent
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- to explain the
agency relationship between buyers, Realtors and sellers
- to help you determine what you
can afford to buy (this is called qualifying the buyer)
- provide information
on all suitable properties and arrange showings as required
- negotiate on
your behalf in order to achieve the best deal on the property you select
- prepare contract documents
and guide you throughout the contractual process
- locate information on the subject property such as title
search and strata documents
- provide assistance re: financing,
appraisal, inspection, and legal services
- follow and provide guidance
through all the steps toward completion and occupancy
- to be loyal
and represent your interest faithfully
- to maintain confidentiality
regarding your finances, motives and personal facts
- to disclose
all facts and knowledge which I have that may pertain to your decisions
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Your Job As My Buyer
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- provide me with accurate
information regarding your home requirements
- furnish honest information regarding your financial capabilities and time frame
- notify me of all properties
that are of interest to you (including private sales)
- give me feedback
on all properties considered or viewed
- choose the
property that you want to buy
- negotiate in good faith
once a suitable property has been found
- help to ensure that I get paid for my effort
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Dealing with a
"For Sale by Owner"
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- We have had considerable success in helping buyers with
private sales
- If you see a "FOR SALE BY
OWNER" that interests you, please let us know and we will arrange a
showing for you and explain the options to you. We will then assist you in whatever way
you feel is appropriate.
- WE CAN HELP YOU SAVE MONEY AND AVOID
TROUBLE!
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What happens when we end up dealing with one of RE/MAX's listings?
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- This is called a LIMITED DUAL
AGENCY
- I must inform you of this situation and have your written
consent to proceed
- I must be impartial towards the buyer and the seller
- I still have duty of disclosure to you except that I cannot
discuss the seller's bottom line, motivation or personal circumstances without their
permission
- Otherwise my job as your agent remains the same as described
above
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