Agency is a relationship established when two parties agree to have one party act on behalf of the other.
Agent Duties to the Client
The Agent must act solely in your best interests, must always put your interests above the agent's own interests and above the interests of other parties.
The Agent has a duty to keep your confidences. Confidential information includes any information about you, the property, or the transaction that is not reaquired by law to disclose.
The Agent must inform you of all facts known to the Agent that might affect your relationship or influence your decision in a transaction.
The Agent must obey all of your lawful instructions, as long as the instructions are reasonable and ordinary under the circumstances.
Reasonable Care and Skill:
The Agent must exercise reasonable care and skill in performing all assigned duties.
The Agent must account for all money and property placed in the Agent's hands while actng on your behalf.
The Exclusive Buyer Representation Agreement
As of July 1, 2014, the Real Estate Council of Alberta requires written service agreements for ALL CLIENTS.
It is mandatory that all buyers - like all sellers - must have a signed Service Agreement with their Realtor®.
The document must clearly outline:
- The Realtor®'s services
- The Realtor®'s responsibilities to their Clients
- The Client's responsibilities to their Realtor®
- How the Realtor® will be paid for the services and representation that they provide their Buyer Clients