A question I get asked a lot is,"Are buyers and sellers allowed to share the same representation?"
The answer is Yes!
However, keep reading for advice on how to protect yourself.
The industry rules in Ontario are different for real estate agents and real estate lawyers. When a relationship is created between the client and the Brokerage, then Multiple Representations can occur when the Buyer and Seller use the same Brokerage.
It is prohibited for Lawyers to represent both buyer and seller for the same transactions. However, you can retain different lawyers if the same firm employs them. A lawyer can also represent both parties if it's for the transfer of title from one family member to another.
From a Real Estate Agent's point of view
Real Estate Agents are obligated to protect their clients. Whether they are the seller or the buyer, I always give my clients the best possible advice.
When a real estate agent works for only one client or the buyer or the seller, they have legal responsibilities.
- undivided loyalty to their client
- acting in their client's best interest at all times
- the duty to avoid conflicts of interest
- the duty to disclose conflicts of interest when they arrive.
A real estate agent can represent both sides, objectively and transparently. I always let my clients decide if they support me, representing both parties. I always disclose everything to a potential buyer before discussing any contractual negotiations.
Most real estate transactions usually run smoothly, but it is highly recommended that every buyer and seller have their own professional representation. This way, if things go wrong, they have someone who is fully committed to their interests.
Work with Mike Bolger
It is a great idea to work with a real estate agent in Waterloo to help sell your home or property. For all your real estate buying needs in Waterloo, Kitchener, and Cambridge, consider Mike Bolger from Chestnut Park West Realty. Mike has exclusive VIP Sellers and VIP Buyers that will make your real estate experience stress-free. Those who work with Mike Bolger will be given a free home staging consultation. Mike is also connected with a network of over 13k professionals. I can connect you with real estate lawyers, contractors and more.
CALL MIKE NOW: (519) 616-2656