In Buyer’s Agency, a real estate company (brokerage) represents only the interests of the buyer. Buyer’s Agency can be established by working with a REALTOR® or by a written contract between the buyer and the brokerage called a Buyer’s Agency Exclusive Contract.
The Buyer’s Agency Exclusive Contract will explain exactly what the buyer instructs the Buyer’s Brokerage to do, what services the Buyer’s Brokerage will provide to the buyer, who will pay for those services and what obligations the buyer will have.
In Buyer’s Agency, it is the buyer who can expect the REALTOR® to:
- Obey the Buyer’s instructions on the Exclusive Buyer’s Brokerage Contract and all lawful instructions of the Buyer
- Represent the Buyer’s best interests
- Fully disclose known facts which might influence the Buyer’s decision
- Maintain the confidentiality of personal and financial information discussed with the Buyer even after the Exclusive Buyer’s Brokerage Contract expires
- Safeguard the Buyer’s documents and money
- Exercise reasonable care and diligence
Dual agencies occur when the same REALTOR® acts for both the buyer and the seller on the sale of a property. It also occurs when different REALTORS® work for the buyer and seller if those REALTORS® are employed by the same real estate company (brokerage) even if they work at different branch offices of that brokerage.
In British Columbia, dual agency in on real estate agent representing both a buyer and a seller is not recommended and in some areas not possible. If you are a buyer who is interested in one of my listings I will have a colleague deal with you on negotiations to ensure you are getting the best care and there is no conflict of interest.