Your REALTOR®* is your agent. Relaare licensed under the Real Estate Services Act.
It is important to understand who is representing whom in a real estate transaction. If your Realtor is your agent, they have legal obligations to you including, loyalty, confidentiality and disclosure. Realtors are legally obligated to:
- disclose their relationship with you and whether they have any relationship with the seller (if you are the buyer) or the buyer (if you are the seller)
- put your interests ahead of their own
- refrain from revealing your personal information unless you approve
- advise you of all pertinent information relating to a property, real estate contracts, and their relationship with you before you make a decision
- obey all lawful instructions you give them
- account for all monies entrusted to them
Note: While Realtors have agency duties of loyalty, disclosure and confidentiality to their clients, they don't have these obligations to parties who are not clients. It's also possible for a Realtor to assist you via a “customer relationship.” A Realtor who represents you in this way isn’t your agent and has no fiduciary duties to you. A Realtor giving you customer representation can, for example:
- Explain real estate terms, practices, and forms;
- Assist in screening or viewing properties;
- Prepare and present all offers and counter-offers at your direction;
- Inform you of lenders and their policies;
- Identify and estimate costs involved in a transaction.
If you have questions about your relationship with your Realtor please contact their managing broker. If unresolved, you can also call REBGV’s Professional Standards Department at 604-730-3089. Please note, however, REBGV can’t give you legal advice.
*Real estate professionals who are members of a local real estate board and the Canadian Real Estate Association. Only these professionals can call themselves Realtors.