When working with a real estate agent in buying or selling real estate, it is important that you understand who the agent is representing in the transaction.
The questions to ask are: Is the agent representing the seller, the buyer, or both? Who is the agent’s client? Who is the customer?
The difference between RECEIVING INFORMATION AND SERVICES FROM AN AGENT AND BEING REPRESENTED BY AN AGENT is the difference between being a CUSTOMER and being a CLIENT.
The person who is represented by an agent is a CLIENT. The agent owes the client the duties of the utmost care, integrity, confidentiality and loyalty. This is not the case for a CUSTOMER.
Yukon’s Current System
The Yukon is currently using a Vendor Agency system. This means that all Realtors, regardless of working with buyers or sellers, are, in actual fact, exclusively representing the Vendor (seller). In Vendor Agency Realtors represent the seller, either as a Listing Agent, under a listing agreement, or as a Sub-Agent, by cooperating with buyers – typically through the Multiple Listing Service.
Due to the Vendor Agency system currently used in the Yukon, Buyers are provided the duties and services associated with that of a Customer. A Customer, by Canadian Real Estate Association is described as ‘a consumer who receives valuable information and assistance from an agent, but is not represented by that agent’.
What does this mean for you as the buyer?
When working with a Realtor to purchase a home, it means there are a few things the agent will not be able to discuss or tell you. For example:
- Why is the Owner selling?
- What is the lowest price the owner will take?
However, regardless of whom an agent is working with, they are obliged to treat all parties to a transaction honestly and fairly. The agent must:
- respond honestly and accurately to questions concerning the property.
- disclose material facts which the agent knows or reasonably ought to know about the property.
- promptly present all offers to the seller.
- market the property without regard to race, creed, sex, handicap, religion or national origin.
Yukon’s Future System
The Yukon is moving to adopt what is referred to as a Designated Agency system. In the near future under this system, agents will be able to wholly represent a Buyer, in which case, the buyer then becomes a CLIENT rather than remaining a CUSTOMER. Because this method of representation will align us with what most Buyers expect when working with an agent and with the way Buyers are represented in most of Canada, Designated Agency will better serve the public. Watch our web site and local news for information as this new system comes to the Yukon.
Useful Contacts List
|Austring Fendrick & Fairman||867-668-4405|
|Lamarche & Lang||867-456-3300|
|Macdonald & Co||867-667-7885|
|Murrin Professional Corp||867-456-2227|
|Morris & Sova||867-456-2326|
|Davis & Co||867-393-5100|
|Tucker & Co||867-667-2099|
|Lackowicz & Hoffman||867-668-5252|
|Anne Marie McColman||867-667-7457|
|Shaske & Zeiner
Home Heating and Heating Systems Inspections
|ACS Oil Burner Services||867-633-4006|
|Griffiths Heating & Sheet Metal||867-667-2214|
|Fireweed Home Comfort||867-322-2646|
|Fred’s Plumbing and Heating||867-667-6441|
|Mammoth Heating & Sheet Metal||867-336-2112|
|Midnight Sun Sheet Metal & Heating||867-668-2956|
|Milligan Sheet Metal||867-633-2901|
|Superior Plumbing and Heating||867-668-5948|
|InSite Home Inspections
|A Closer Look Home Inspections
|Red Seal Inspection Services