DUCKWORTH REAL ESTATE'S
ROLE AS A BROKERAGE
WE ACT AS BUYER'S BROKERS AND LISTING BROKERS
When Duckworth Real Estate represents you as a buyer's broker, this is how you will benefit:
- We represent and advise you, acting as your consultant, placing your interest first, from search to closing.
- We are your consultants and our priority is to provide quality service.
- We point out potential pitfalls
- We save you time by showing you the homes that fit your requirements.
- We provide a total inventory search, property analysis, opinions of value, and negotiating strategies.
- We negotiate, with the seller or the seller's representative, on your behalf.
- We make every effort to ensure you a more profitable, efficient and safe purchase.
- The buyer does not normally pay us for our services. In the event of a closing, we are paid by the listing brokerage.
- We are on YOUR side.
As Buyer Agents, we provide information plus advisory services to Buyers. Our value added services include:
- Promote and protect the interest of our Buyer/Client at all times
- Advise the Buyer even if it means pointing out reasons not to buy
- Disclose all our research about property history
- Negotiate in favour of the Buyer for the best price and terms
- Structure offers with the Buyer's best interest in mind
- Keep Buyer's financial capabilities/thoughts confidential unless we are authorized to disclose
- Provide Buyers with reliable sources for legal, engineering, inspections, financing, etc.
- Share our knowledge and sources of current environmental and regulatory information.
This is how we work
- We select only the services you need - from the time of the initial consultation to the time of closing.
- Our first step is to discuss by telephone with prospective Buyers for a consultation. This assists us in determining your needs as well as your need for our services. During this session, we review the Buyer's needs, and the services we offer. We also discuss financial information, the entire buying process and the costs of closing a sale.
- Buyers employ us by entering into a Representation Agreement. This defines the responsibilities of both parties, the Buyer and the Buyer's Broker, the terms of the Agreement and the amount of the fees. Our fee is usually included in the purchase price Buyers agree to pay. Unless separately negotiated, there is no fee for our services to our Buyer clients. We are paid by splitting the listing commission with the listing Brokerage.
- The benefit is that through the Representation Agreement, you become our represented Clients with our firm as your advocate.
- Our objective is to successfully complete the buying process with our Clients. We save you time, we offer negotiating power and we can save you money.
The Different Types of Agency
Sellers or Buyers Agency - with you as a client
Most sellers and buyers have agency relationship with the licensees they are using. When you are in an agency relationship with a brokerage, the licensee has the authority to represent you in dealings with others. Brokerages and their salespeople are legally obligated to protect and promote the interests of their principals (clients). Specifically, the licensee has the following duties:
- Undivided loyalty. The licensee must protect the principal's negotiating position at all times, and disclose all known facts which may affect or influence the principal's decision.
- To obey all lawful instructions of the principal.
- An obligation to keep the confidences of the principal.
- The exercise of reasonable care and skill in performing all assigned duties.
- The duty to account for all money and property placed in a licensee's hands while acting for the principal.
You can expect competent service from your agent, knowing that the brokerage is bound by ethics and the law to be honest and thorough in representing a buyer or representing a property listed for sale. Both the buyer and seller can be represented by their own agents in a single transaction.
Limited Dual Agency - with both the buyer and seller as a client
Dual agency occurs when a licensee (one brokerage) is representing both the buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.
If you find yourself involved in a dual agency relationship, before making or receiving an offer, both you and the other party will be asked to consent in writing to this new limited agency relationship.
This relationship involves the following limitations:
a. The Agent will deal with the Seller and the Buyer impartially;
b. The Agent will have a duty of disclosure to both the Seller and the Buyer except that,
- The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing;
The Agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized by the Buyer or Seller;
The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing;
c. The Agent will disclose to the buyer defects about the physical condition of the property known to the Agent;
d. The Agent may disclose all comparable property information to the Buyer and the Seller at any time;
e. The Agent will not be required to disclose to the Buyer or the Seller confidential information obtained through any other existing or former agency relationship.
No Agency- with you as a customer
You may also choose to use the services of a licensee without having any kind of agency relationship. This might occur, for example, when you are being shown a property by the Seller's agent.
The Licensee you choose to work with in this manner has a legal and ethical duty to provide you with accurate, honest answers to your questions and can provide all these services:
- Explain real estate terms and practices
- Provide and explain forms used
- Assist you in screening and viewing properties
- Inform you of lenders and their policies
- Identify and estimate costs involved in a transaction
- Assist you in establishing your range of affordability
- Prepare offers or counter offers at your direction
- Present all offers promptly
How to pick a Realtor
What to look for:
- Check experience, education and productivity. Experienced agents know the market and the marketing process. They will help you buy or sell your property with ease and efficiency.
- If you're a buyer, does your agent offer buyer agency? This is a relatively new concept in Nova Scotia but more and more buyers are deciding they want full contractual representation on the same level as the seller has with his/her listing agent. Don't forget to discuss buyer agency with any agent you're thinking of asking to represent you. If your agent fails to bring it up, you should!
- Does the agent know the market?
- Is the agent active in soliciting business in your neighborhood?
- Do you see the agent's signs around your neighbourhood?
- Does your agent seem interested in sharing expertise and market knowledge in an honest and straigthforward manner? Or does the agent seem more interested in telling you what you want to hear? You need straightforward reliable information.
- Is your agent listening when you are telling him/her your wishes, or is the agent simply showing his/her brokerage's listings.
In order to ensure that you are familiar with conditions in real estate purchasing in Nova Scotia, click here for the Buyer's Guide:
Another important document for you is:
Working with a Real Estate Agent - http://www.nsar.ns.ca/pdf_files/form126.pdf