SRAR.Com - Saskatoon Region Association of Realtors

WHAT REALTORS® DO

REALTORS® can manage all the details of the real estate transaction, including recommending other professional services like appraising, legal and property inspection. REALTORS® can also offer advice and provide information. REALTORS® have the resources to deliver the right level of services.

REALTORS® provide specialized service to specific markets, including: residential, commercial, resort, farm, seller, buyer, mature and first-time home buyers.

Only REALTORS® have an edge when it comes to marketing residential and commercial properties:

-MLS® Online at www.mls.ca
-The Home Showcase

In addition to the professional advice and service REALTORS® can provide, buyers and sellers can take advantage of SRAR marketing to buy or sell a property, to research the housing market and to help them make real estate decisions.

Investing time to find the right REALTOR® is a wise investment. Choose a REALTOR® carefully. Determine a real estate agent’s knowledge about the industry and the regulations that govern it. Interview REALTORS®. Ask:

- for qualifications, right up to a resume
- about ethics and business practices
- about industry knowledge
- for specific experience
- about fee-for-service
- for references

Among real estate agents in Saskatoon, members of the Saskatoon Region Association of Realtors are accredited REALTORS®, a designation signifying high professional standards and qualifications. REALTORS® belong to the Canadian Real Estate Association and the Association of Saskatchewan Realtors, complete an extensive course of studies, meet the educational requirements of the Saskatchewan Real Estate Commission and uphold professional standards.

Understanding the Agency Relationship

REALTORS® work within a framework of legal principles called agency. REALTORS® believe that it is important that the buying and selling public understand how an agency relationship works and when it exists.

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 REALTOR® to work for you in buying or selling a property and the REALTOR® agrees, you and the REALTOR® are in an agency relationship. As a member of the public, you are probably familiar with working with individual REALTORS®. However, the agency relationship is actually between you and the REALTORS® brokerage. The brokerage is the real estate company, its branch offices and all of the salespeople. Therefore, when you hire your REALTOR®, the law of agency says that you hire the entire brokerage.

In Saskatchewan, REALTORS® practise three different forms of agency:

- Seller’s Agency
- Buyer’s Agency
- Limited Dual Agency

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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 the 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:
- obey the seller’s instructions on the Exclusive Seller’s Brokerage Contract and all lawful instructions of the seller;
- represent the seller’s best interests;
- fully disclose known facts which might influence the seller’s decisions;
- maintain the confidentiality of personal and financial information discussed with the seller even after the Exclusive Seller’s Brokerage Contract expires;
- safeguard the seller’s documents and money; and
- exercise reasonable care and diligence.

In Buyer’s Agency, a real estate company (brokerage) represents only the interests of the buyer. Buyer’s Agency can be established by working with a REALTOR® or by a written contract between the buyer and the brokerage called an Exclusive Buyer’s Brokerage Contract.

The Exclusive Buyer’s Brokerage Contract will explain exactly what the buyer instructs the Buyer’s Brokerage to do, what services the Buyer’s Brokerage will provide to the buyer, who will pay for those services and what obligations the buyer will have.

In Buyer’s Agency, it is the buyer who can expect the REALTOR® to:
- obey the Buyer’s instructions on the Exclusive Buyer’s Brokerage Contract and all lawful instructions of the Buyer;
- represent the Buyer’s best interests;
- fully disclose known facts which might influence the Buyer’s decision;
- maintain the confidentiality of personal and financial information discussed with the Buyer even after the Exclusive Buyer’s Brokerage Contract expires;
- safeguard the Buyer’s documents and money; and
- exercise reasonable care and diligence.

Dual agencies occur when the same REALTOR® acts for both the buyer and the seller on the sale of a property. It also occurs when different REALTORS® work for the buyer and seller if those REALTORS® are employed by the same real estate company (brokerage) even if they work at different branch offices of that brokerage.

When dual agency occurs, the brokerage’s duties of confidentiality and loyalty to the seller conflict with the same duties to the buyer. Therefore, the Saskatchewan Real Estate Association has proposed certain rules and limitations to deal with dual agency situations. The limitations of dual agency are:
- that the REALTOR® will not disclose that the buyer will pay a price or agree to terms other than those contained in the offer, or that the seller will accept a price or terms other than those contained in the Exclusive Seller’s Brokerage Contract.
-that the REALTOR® will not disclose the motivation of the buyer to buy or the seller to sell unless authorized by the buyer or seller.
-that the REALTOR® will not represent the interest of either the buyer or the seller to the advantage of one over the other.
-that the REALTOR® will not disclose personal or financial information of either the buyer or the seller unless authorized in writing.
-that the REALTOR® shall disclose to the buyer all material defects about the physical condition of the property known to the REALTOR®.
-that all "comparable" property information may be disclosed to both the seller and buyer at any time.

The brokerage shall disclose the dual agency to the buyer immediately before preparing an offer (Contract of Purchase and Sale) on the property for signing by the buyer. The brokerage shall disclose the dual agency to the seller immediately before presenting that offer (Contract of Purchase and Sale) to the seller for acceptance. The brokerage shall not be obligated to disclose the dual agency before the times described above.

For 90 years, the Saskatoon Region Association of Realtors has been serving Saskatoon through professional real estate services and community involvement.

From the beginning, the Board has worked with governments and industry organizations, like the Association of Saskatchewan Realtors, to advance legislation and adopt regulations to raise professional standards and protect consumers.

The Saskatoon Region Association of Realtors seeks out sponsorship opportunities that reflect home ownership and community values. The Saskatoon Region Association of Realtors :

The Kidney Foundation
Child Hunger and Education Program
Secret Santa, the Salvation Army Christmas campaign
donates advertising space in the Saskatoon Home Showcase to non-profit community groups

By responding to the community’s needs, by advocating professional standards and by keeping pace with technology, the Saskatoon Region Association of Realtors has raised the bar for professional real estate services in Saskatoon.