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help for
Home Buyers |
...get the most out of buying your next home |
Home Buying 101
 I take the buying process as seriously as my buyers do, therefore I offer nothing but the highest quality of service to my clients... and that's one of the reasons I am so successful! When you decide to purchase your home, make sure you hire someone who you can trust, and someone who wants to earn your business.
Buying a home is one of the most important purchases you will ever make, so make sure you have the right agent who can provide you with the experience and the service that you deserve.
Here are some of the steps that I will take to find your perfect home:
Determine Your Needs and Wants
This is probably the single most important step. By asking you a series of questions I will establish what you are looking for, and then what you can comfortably afford. My objective here is not to waste your time by looking at properties that are not in your price range or houses that don't meet your specific needs. Throughout the buying process I will maintain your confidentiality and represent only your best interests.
Help You Get Pre-Qualified
This step will show you how much you can afford. This is accomplished by speaking with your financial institution and establishing what monthly payments you will be comfortable with. I can even suggest a mortgage broker or lender that could help.
Shopping for a Home
I will use every available method to locate a property that matches your search parameters. This will include properties listed with my office, properties offered through other real estate companies through the use of the MLS® (Multiple Listing Service®) system. I will disclose all known facts about the property that are likely to affect your decision, then when we find a property that meets your criteria, I will assist you in writing an offer and act as a liaison between you and the seller.
Working with a REALTOR®
The Buyer Agency Relationship
A real estate company acting as a 'buyer's agent' must do what is best for the buyer. A written contract called a buyer agency agreement establishes buyer agency. It also explains services the company will provide, establishes a fee arrangement for the REALTORS® services and specifies what obligations a buyer may have. Typically, buyers will be obligated to work exclusively with the company for a specific period of time. Confidences a buyer shares with the buyer's agent must be kept confidential. Although confidential information about the buyer cannot be disclosed, a seller working with a buyer's agent can expect to be treated fairly and honestly.
Dual Agency
Occasionally, a real estate company will be the agent of both the buyer and the seller. The buyer and seller must consent to this arrangement in their listing and buyer agency agreements. Under this 'dual agency' arrangement the company must do what is best for both the buyer and the seller. Since the company's loyalty is divided between the buyer and the seller who have conflicting interests, it is absolutely essential that a dual agency relationship be established in a written agency agreement. This agreement specifically describes the rights and duties of everyone involved and any limitations to those rights and duties.
So Who's Working For You?
It is important that you understand who the REALTOR® is working for. For example, both the seller and the buyer may have their own agent which means they each have a REALTOR® who is working for them... or, some buyers choose to contact the seller's agent directly. Under this arrangement the REALTOR® is working for the seller, and must do what is best for the seller, but may provide many valuable services to the buyer.
A REALTOR® working with a buyer may even be a 'sub-agent' of the seller. Under sub-agency both the listing agent and the co-operating agent must do what is best for the seller even though the sub-agent may provide many valuable services to the buyer. If the seller and the buyer have the same agent, this is dual agency and the REALTOR® is working for both the seller and the buyer.
Code of Ethics
REALTORS® believe it is important that the people they work with understand their agency relationship. That's why agency disclosure is included in a self-imposed Code of Ethics which is administered by the Real Estate Council of Ontario (RECO). The Code requires REALTORS® to disclose in writing the nature of the services they are providing, and encourages REALTORS® to obtain written acknowledgement of that disclosure. the Code also requires REALTORS® to enter into a written agency agreement with any sellers or buyers they are representing.
REALTORS® are governed by the legal concept of 'agency'. An agent is legally obligated to look after the best interest of the person she is working for. The agent must be loyal to that person. A real estate company may be your agent, if your have clearly established an agency relationship with that REALTOR®. But often, you may assume such an obligation exists when it does not. REALTORS® believe it is important that the people they work with understand when an agency relationship exists and when it does not... and, understand what it means.
Source: Toronto Real Estate Board (TREB). Re-Printed by permission on TaraRosen.com |