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Archive for June, 2014

Realtors, home buyers relationship spelled out in new agreements

Monday, June 9th, 2014

Taken from the Edmonton Journal June 7 2014.

 

EDMONTON – The pile of paperwork that comes with buying and selling a home is growing one document taller.

Starting July 1, Realtors in Alberta will ask their clients to sign a written service agreement.

While this has been standard practice for sellers, the rule change being implemented by the Real Estate Council of Alberta means people trying to purchase a home will also sign a buyer representation agreement.

The document lays down the ground rules of the relationship between the real estate agent and the client, which have typically been implied or based on conversation, said Kevin Clark, chairman of the council, which licenses Realtors in Alberta.

“What are my expectations of this? When do I go out and how many homes are we going to look at, how do I write an offer, who does the writing and who develops the offer, how do you get paid and how long does this relationship go on for?” Clark said.

“What a written service agreement does, is basically take all that I’ve just said and puts it down in writing so there is clarity of the relationship between the two parties.”

The agreements will also spell out the services to be provided by the brokerage; the obligations and responsibilities of the parties; consent for collection, use and distribution of personal information; and the method of calculating remuneration or how the agent will be compensated.

Some first-time buyers may not know their agents are paid through a cut of the selling agent’s commission, for example.

“If you and I had never done business before and you had never sold or bought a house before and I’m giving you my time and showing you property, it would be reasonable for you to ask ‘how do you get paid?’ ”

Spelling out the expectations will curb confusion and disputes, Clark said.

There were about 65,000 residential transactions in Alberta, according to the Canadian Real Estate Association.

bmah@edmontonjournal.com

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

June 2014 Real Estate newsletter

Tuesday, June 3rd, 2014

06 June

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

 

Written service agreements.

Tuesday, June 3rd, 2014

Effective July 1, 2014, the Real Estate Council of Alberta (RECA) will require industry members who establish a client relationship when trading in residential real estate, property management, or when dealing in mortgages to enter into a written service agreement with that client. Written service agreements help ensure the role of an industry professional is clear , and when clients are better informed, there is less confusion and typically, fewer disputes.

While we have had these for sellers, commonly known as listing agreements or contracts they have not been common for buyers.

For more information please follow this link to the CREA website: http://www.reca.ca/consumers/information/written-service-agreements.htm

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Trademarks used under license from CREA.
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