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Responsibilities
Responsibilities of the Listing and
Selling Agents
Once you have listed your property for
sale, the listing agent has a legal duty
to protect and promote your best interests
at all times. He or she owes you, the
PRINCIPAL, his or her undivided loyalty,
and must disclose to you any and all
information, obtained from any source,
which might influence you decision.
Further, he or she may not reveal any
confidential information to another person
that might jeopardize your bargaining
position.
During the period your home is on the
market, there will be a number of selling
agents showing your home to prospective
purchasers. Your listing agent and the
selling agents all have a duty to avoid
misrepresenting the property, to exercise
due care when answering questions and to
treat all parties fairly and honestly.
Potential purchasers sometimes refer to
the agent who brings them to your home as
"my real estate agent". This may cause
some confusion as to the selling agent’s
role.
A selling agent can choose to represent
you, the seller, in the same unconditional
manner as your listing agent represents
you, OR he or she can choose to represent
the buyer. The selling agent should
provide you with full disclosure about the
nature of his or her relationship with you
and the buyer.
If the selling agent discloses that he
or she is representing the buyer, keep in
mind that any information you give to him
or her must be passed on to the buyer.
If you are in doubt as to whom a
selling agent is representing, ASK the
agent to clarify his or her position for
both you and the buyer.
Responsibilities of the Seller
When you employ an agent, you are
responsible for providing him or her with
accurate information concerning your home;
for example, its age, the current
financing arrangements, the condition of
the roof and hot water heater, the
property taxes, etc., etc. You must
disclose both good features and defects,
including the fact that the basement leaks
when it rains! Be honest with your agent.
The agent will need your assistance
and/or authorization to gather information
about such things as the ownership
details, the outstanding balance owing on
the mortgage, the property’s assessed
value and current zoning of the property.
You may be required, or may volunteer,
to complete a Property Condition
Disclosure Statement. This form is used to
provide uniform information about the
state of the property to all potential
purchasers.
During the period of the listing, you
should refer any inquiries about the
property to your agent and allow him or
her to deal with them.
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