Relationships Explained - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

In Real Estate as it looks today, there are currently three different types of representation. Let us guide you through your options so you may be informed on the best route for you.  

Let's start with a simple customer relationship.

According to the Real Estate Council of Ontario, a customer is defined as a purchaser/seller in a transaction who opts for a form of representation that requires no exclusivity, no fiduciary duties owing to them and a simple requirement from the Realtor to answer any and all questions with honesty and a minimum duty of care. In regular terms, as the customer, you are owed nothing but honesty in answering your questions. Additionally, if you choose this form of representation in a situation where the Realtor is also the listing agent, the Realtor is legally obligated to disclose all discussions surrounding the property to the Seller! While this form of representation is an option, it is not one we would recommend to protect your best interests.

Next comes theclient relationship.

This is a crucial relationship that best protects all parties to the transaction. As a client, you are owed fiduciary duties such as confidentiality, accountability, full disclosure, obedience in following lawful instruction and so much more. There is a much higher level of trust and respect earned throughout this relationship. Whenever possible, we would always recommend a client relationship. 

Lastly, we must discuss multiple representation/dual agency.

This situation occurs when one brokerage such as Bosley Real Estate represents both a Buyer Client and Seller Client in a transaction. It may even go one step further with one Realtor representing both the Buyer client and Seller Client in a transaction. In this instance, there are elements we must not disclose between the parties to the transaction.

  • The price the Seller is willing to accept or the Buyer is willing to pay
  • The motivation of either party
  • The conditions of any other offers that may be in competition 

At the end of the day, if you have a proper client relationship with your Realtor, multiple representation will have no bearing on your sale/purchase.

As always, please allow Bosley to remain your trusted Real Estate resource. Contact us today for any of your real estate needs.