Welcome to the
Seller |
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| REALTORSŪ work within a framework of legal
principles called agency. REALTORSŪ believe that it is important that the
buying and selling public understand how an agency relationship works and when it exists. What is Agency? At law, agency is a specific relationship between two or more people. One person must authorize the other person to act on his/her behalf, and the other person must consent to do so. In other words, when you authorize a REALTORŪ to work for you in buying or selling a property and the REALTORŪ agrees, you and the REALTORŪ are in an agency relationship. As a member of the public, you are probably familiar with working with individual REALTORSŪ. However, the agency relationship is actually between you and the Realtor's brokerage. The brokerage is the real estate company, its branch offices, and all of its salespeople. Therefore, when you hire your REALTORŪ, the law of agency says that you hire the entire brokerage. Seller's Agency In Seller's Agency, a real estate company represents only the interests of the seller. Sellers typically hire a real estate company to sell their property by signing a "Listing" agreement (now called the Exclusive Seller's Brokerage Contract). This is the Contract which establishes the formal agency relationship between the seller and real estate brokerage. The Exclusive Seller's Brokerage Contract will explain exactly what the seller instructs the Seller's Brokerage to do, what services the Seller's Brokerage will provide to the seller, who will pay for those services, and what obligations the seller will have. A Seller's Brokerage is expected to:
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Re/Max
Crown Real Estate Ltd. |