Both Sellers and Buyers need to understand The Agency Relationship - ie. "who is working for who" and how real estate commissions are paid. This document explains Seller representation, Buyer representation, Multiple representation and the requirements of the REALTORS®Code of Ethics.
This document creates a committment between the Buyer and a REALTOR®. The Buyer agrees to work exclusively with the selected REALTOR® for the time period and commission rate specified. The REALTOR® is pledging to provide confidential service to the Buyer.
Also, this new video by OREA (Ontario Real Estate Association): " How Realtors Help"is pretty good!
This document creates the committment between the Seller and the selected REALTOR® specifying the asking price, length of listing period and commission rate for listing the property. It explains the responsibilities of each party to the other.
This is the all important Offer document and what both Buyers and Sellers are working towards agreement on! In the link, every section is explained in plain language. Also, the Eight Elements of an Offerare summarised on the next page.
