General
-
Hire A Buyer Agent To Represent Your Best Interests
A Good Buyer Agent Can Often Negotiate Thousands Of Dollars OFF The List Price
A "quiet revolution" took place in Canadian real estate in 1995 and it could save home buyers thousands of dollars and a lot of worry.
Think again. By law, unless your agent declares himself as a Buyer Agent, all Realtors work on behalf of the vendor, or seller, of a home. All Realtors -- even the one showing you homes, listening to your housing dreams and your financial fears -- work in the best interests of the vendor.
There's more -- under the law of agency, Realtors must pass on to the vendor of the home that their clients are bidding on any information that may influence the home-buying negotiations.
In order to make this agency relationship perfectly clear to all home buyers, as of January 1, 1995 all Realtors with the Canadian Real Estate Association and the Toronto Real Estate Board must disclose in writing, and have buyers sign, a declaration that they are not working in their best interest.As a result of this forthright disclosure process, buyers now have two choices: they can retain a Realtor, as usual, or they can hire a Buyer's Agent to work exclusively on their behalf.
Using an agent who is representing the vendor can be tricky considering the new written disclosures. Thomas & Sally Cook Team members believe that trust and openness are crucial to the home-buying process and buyers now may be wary about being completely truthful with their Realtors. But how can Realtors work well on your behalf if they don't know your full financial picture? If they don't know what you are willing to give up on your wish list? In short, how can Realtors find your dream home if they don't know your dreams? And while for years most Realtors have, at least subconsciously, been working for their buyers after getting to know and care for them, there are no legal guarantees that they must -- in fact, the opposite is true.
Thomas & Sally Cook Team members with The Real Estate Viewing Centre strongly believe that
hiring a Buyer's Agent is the smart choice for home buyers!
Following a trend started in the United States after similar disclosure laws were passed, home buyers can sign an agreement with a Realtor that allows the Realtor to work on their behalf and to negotiate the best price for them. A buyer becomes the client of the Realtor and the Realtor must disclose anything that he finds out about the vendor's situation to the buyer, whose best interests the Realtor now represents.
The best part is that most Buyer's Agents -- including us -- don't charge a special fee to their clients. There is NO COST to you! Instead, they get paid via a commission that comes from the vendor's listing agent, just the way it has always happened.
How do you hire a Buyer's Agent?
It's easy -- home buyers sign an exclusive Purchaser Agency Agreement with a Realtor. Usually, the buyer agrees to work exclusively with the Realtor for about four to six months and the Realtor agrees to represent the buyer's interests to the fullest. That's it!
As well, we offer an Easy Exit Guarantee. Any buyer who hires us as their Buyer Agents can cancel the agreement at any time -- no questions asked! Thomas & Sally Cook Team members have been Buyer Consultants for hundreds of families since the new disclosure rules were instituted and have gained invaluable, hands-on experience negotiating exclusively on behalf of their home-buying clients. As well, Sally Cook became an ABR (Accredited Buyer Representative) this year after taking a course in San Diego devoted to the topic.
If you would like to peruse a copy of a typical Purchaser Agency Agreement, give our Client Care Manager a call at 416.691.8118 and he'll fax one out to you immediately.
