When you meet a Realtor at a Toronto Open House and decide to put in an offer, is that Realtor working for you? If you call on an ad in the paper and that Realtor shows you a house – maybe a few – is that Realtor working in your best interest? Do they have to ensure that all the little things you tell them while you’re discussing the home/s are kept confidential?
SHORT ANSWER: NO. In fact, just the opposite is true: if you have not signed a Buyer Representation Agreement with a Realtor, they are legally working for the Seller, and owe the Seller full disclosure of anything they learn from you. That includes your motivation (did you mention you’re getting a divorce or that you’ll pay full list price if you have to because you really love it?), your financial circumstances, and anything else you let slip during your conversations.
This common situation leaves buyers at a distinct disadvantage in many ways, not the least of which is financial: you may pay too much for your next home; personal information may be shared with others; the Realtor will be working for the best interests of the SELLER.
THE BETTER WAY
Choose a Realtor the right way. Whether from recommendations from friends you trust or from your own research, a Realtor working FOR YOU is worth his or her weight in gold. When you first meet with a good Realtor, you should be treated like any professional would treat a client. The Realtor should not only be courteous and friendly, but should also instill confidence, informing you of your choices in terms of legal representation/relationship, asking pertinent questions to ascertain your needs and desires, and helping devise a strategy to assist you in achieving your goals. Issues such as timing, financial resources and lending options should be discussed openly and honestly, so that your Realtor has full knowledge of your situation.
To gain a better understanding of your options when working with a Realtor in Ontario, please see the brochure and articles below, and make an informed choice.
More About Buying a Home in Toronto
- What to Expect During the Buying Process
- Should I Buy New or Resale?
- House or Condominium?
- Toronto Real Estate News To Your Virtual Doorstep
If you’re ready to buy a house or condo in the Greater Toronto area, I’d be happy to help. You’ll find that dealing a full-service Realtor enables you to enjoy the process as well as getting the best fit and best value for your money. I look forward to hearing from you!
(416) 930-4388 • firstname.lastname@example.org