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.
What does this mean for you as the vendor?
When working with a Realtor as your Listing Agent, it means that all other agents in the Yukon become Sub-Agents for you, the Vendor. When agents refer a buyer to you, they do so with the understanding that they ultimately work for you. With that said, all agents can certainly assist a buyer through the process of purchase, however, under the current regulation of Yukon’s Vendor Agency protocol of representation, there are rules of disclosure and limits to what agents can do for a buyer.
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