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VOSTNER-BELL
Real Estate Group
Tess Vostner-Bell, Jason Bell & Associates
MaxWell Canyon Creek
Jason Bell, Tess Vostner-Bell & Associates
MaxWell Realty Canyon Creek
3205-380 Canyon Meadows Drive SE Calgary, AB T2J 7C3
Tess's cell: (403) 689-1199
Jason's cell: (403) 830-5800
Office: (403) 278-8899
Buyer Brokerage / Buyer Agency
Starting in October 2008, Alberta brokerages operating under the Designated Agency model will require a written contract with buyers (contracts aren't just for sellers anymore).
Buyer Brokerage (also called Buyer's Agency) creates a clear relationship with the Buyer ensuring that the Realtor® is working primarily for the Buyer. The agreement describes what services the Realtor® will provide the Buyer and who is paying for those services (in most cases, this is still the Seller).
Because of recent rule changes, most reputable Realtors® or realty teams only work with a client after they (you) have signed a Buyer Brokerage Agreement. This is required so that the Realtor® can fully represent your best interests as a client. Because, if the Realtor® is not working for you through this agreement, in many cases, they are by default working for the seller and/or they must treat you as only a customer with no fiduciary obligations or protection.
Through a Buyer Brokerage Agreement, it will be your Vostner-Bell Realtor's® fiduciary responsibility to provide you their best advice on the market, assist you in creating a transaction that assures your protection, and endeavor to negotiate for you the best possible price.
It also outlines what obligations the Buyer will have. In the past, at any time, the client could turn around and buy from a For Sale By Owner or utilize the services of another agent they meet at an Open House or by calling on an ad. If a buyer switches allegiances at the last moment, the first Realtor's® investment in time and money is lost.
Following is written by Andrew Hodge - REALTOR®
& Member of the Toronto Real Estate Board
Why you want to have a Buyer's Agency Agreement
A buyer's agency agreement puts in writing that your Realtor® is working for you and putting your interests before all customers and even their own interests. They are giving you a guarantee that they will do everything that is required by you to find you the home you want to buy. Plus, if you find that they are not putting your interests first, the agreement can be used to hold them accountable.
So, besides the legal implications, how does this help you? There is one main driving factor in what a Realtor® does on a day to day basis. This is "Uncertainty". A Realtor® has no guarantees that they will receive another commission. There is no guarantee that anyone will actually buy real estate through them. This is added to the fact that every day they spend money showing homes, prospecting, advertising and a variety of other expenses.
Realtors® are constantly making judgement calls as to whether one activity has more value than another. Since time is our most valuable asset, every activity must be seen as expense.
So, if a customer and a Client both call to look at properties, the client will be given priority over the customer. Why? Because the Client has stated in writing that they are going to buy real estate through the agent. The Realtor knows that if his/her job is done correctly, and the appropriate home exists, then a sommission will be earned.
In essence, a Buyer's Agency Agreement allows your agent to concentrate on providing great service and not worrying that they are wasting time. There is no clause in the agreement that says that you have to buy Real Estate, only that if you do you will use a particular agent.
If you are worried about signing with an agent that you do not know well and do not want to be stuck if you do not like their style, ask to have a clause inserted that give you the ability to exit the agreement. Most agents will agree to this on the condition that they receive their commission if you purchase a property they showed you.
In short, you remove some of the uncertainty from your Realtor's® life and they concentrate on providing the best service that they can.
