Your real estate agent can find what may be hidden
Advice about the home, neighbourhood just a few things they offer
Q: I walked through an open house and would like to make an offer on the place.
I am not currently working with a real estate agent. Do I have to use the seller’s representative, or can I represent myself?
A: As a home buyer who has not signed a representation or service agreement (a contract between a buyer and a brokerage), you have three options: work with the seller’s representative, seek out a different real estate professional to work with, or represent yourself.
The benefits of working with a registered real estate professional include knowledge, experience, accountability and the availability of consumer deposit protection.
Your registered real estate professional will be able to provide guidance and advice about the condition of the home, share information about the neighbourhood, help in the negotiation process and navigate you through the legal paperwork.
Additionally, they may guide you to other properties that are even better suited to your needs than the original home you saw.
In a typical real estate transaction where both the buyer and the seller have representation, the seller pays the commission to both the listing real estate brokerage and the buyer’s real estate brokerage. In most instances, there is no additional cost to the buyer.
If you choose to be represented by the same real estate professional as the seller, both you and the seller will need to provide written consent for that scenario.
Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He is in charge of the administration and enforcement of all rules that govern real estate professionals in Ontario. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at http://www.youtube.com/RECOhelps .