Posted on: 17-09-13 21:35:02
I am seeking advise on a situation i am in. I was working with a real estate agent without any buyer contract and now liked a property where Seller is an agent and he is interested in us buying the property through him and make him buyer agent as well. We like the property and want to buy it.
My question would be if we go ahead with this transaction are we going to get us into any legal trouble with real estate agent we are currently with? Anything else we need to be aware of as a buyer?
I would really appreciate a detailed response. Thanks for help
Quote:
Originally posted by mick37
I am seeking advise on a situation i am in. I was working with a real estate agent without any buyer contract and now liked a property where Seller is an agent and he is interested in us buying the property through him and make him buyer agent as well. We like the property and want to buy it.
My question would be if we go ahead with this transaction are we going to get us into any legal trouble with real estate agent we are currently with? Anything else we need to be aware of as a buyer?
I would really appreciate a detailed response. Thanks for help
There are 2 issues here :
1. Legal - if the agent was the one who showed you the property, then yes you have to buy it from him. The legality is grey area in such a case, but why would you want to risk litigation and stress for few $$?
2. Moral - if your 'non-contract' agent has put in substantial efforts in good faith that you will buy from him and if you are 'generally' happy with his service - you should buy from him even if he did not show you the house.
Remember, the selling agent is not your best advisor in such cases if you are looking for 'unbiased' advise.
Good luck with your purchase.
Hiren
Quote:
Originally posted by mick37
I am seeking advise on a situation i am in. I was working with a real estate agent without any buyer contract and now liked a property where Seller is an agent and he is interested in us buying the property through him and make him buyer agent as well. We like the property and want to buy it.
My question would be if we go ahead with this transaction are we going to get us into any legal trouble with real estate agent we are currently with? Anything else we need to be aware of as a buyer?
I would really appreciate a detailed response. Thanks for help
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YOU ARE O.K. if YOU WANT TO BUY A PROPERTY AND YOU ARE SERIOUS WITH YOUR INTENTIONS...
Hello,
There are some GREY Areas of the law which are hard to interpret and there are some parts that could be miscontrued 'as implied' by you using a broker's services, such as using him to take you around areas and homes to show and see a few properties and inform you about them.. etc., that which I am not familiar about and since it also falls in the same grey area of the law, it will be better for you to see a lawyer, prior to you deciding upon your purchase. This is because, all of these get triggered only when you PURCHASE. Even then, if your broker has to claim a commission from, it should be out of the broker who is selling it and NOT YOU. So, you don't have to be too much worried about it, if you are really serious about buying any property.
Normally, you do not use the selling agent as a buying agent also, as there is always a conflict of interest that goes with the two functions that he will be handling. By this I mean that he has no obligations to you to act in your best interests, because he could resort to any and all means to do a sale for himself and thereby claim his commission. All of these could happen in some EXTREME cases and in practice, they normally do not happen. I am only opening your eyes to view all of these points and inform you and educate you to the best of my abilities.
These two links provided here under are from Mr.Amit Kalia's write up in Canadian Desi. I am sure some one will answer your queries in his office and give you proper details and you do not have to disclose your true identity when you seek information.
BUYER's AGENT. :
http://canadiandesi.com/article.php?AID=59&SID=4
SELLER's AGENT. :
http://www.realestate-ontario.com/agency.htm
The above is written with your queries in mind. You should also consult a Home Inspector and get the property examined THOROUGHLY by him/her prior to putting an offer and of course with CONDITIONS that the seller FIX IT ALL prior to handing over the property to you.
FH.
Thanks guys for the response it really helps.
I may be wrong but here s my knowledge :
a. In the absence of a written buyer's agreement , you still have an implied relationship with your realtor who is showing you properties ..This can result in a dispute b/w the realtors themselves ..though it may or may not involve you .
b. When you are viewing a property unrepresented , it is the obligation of the seller's realtor to show you the property and that does not imply that he becomes your representative . You are still free to get another representative on the scene later .
c. Having the seller's rep as your buyer's rep is not in your best interest .
d. Not having a written buyer's agreement some times acts to your disadvantage also as with a written one the realtors and yours too obligations are well defined .
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Fido.
