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 BestQuote Realty Ltd.
Brokerage
www.saynotorent.com

Phone: 613.962.0226

Real estate relationships explained

There are substantial differences in the duties owed and the services provided to Clients and Customers, and you should be familiar with your options before committing to either.

Definitions:
* Agent
* Fiduciary
* Client
* Customer
* Agency relationship

Agent - while the term "Agent" is not specific to the Real Estate industry, most Real Estate Salespeople, Brokers and REALTORS act as Agents when conducting business. An Agent is commonly defined as any person who represents another person in a business transaction. In real estate only the company (the brokerage) can be your agent, not their sales represantatives.

Fiduciary - a person in a position of trust and confidence who must put the interests of another person (their client) above all others.

Client - often referred to as a Principal, a Client is a person who asks an Agent in writting to act on his or her behalf during the purchase, sale, exchange or rental of a property or business. As an Agent I owe my client full fiduciary duties, such as loyalty, confidentiality, accountability, duty of care, obedience to all lawful instructions, and full disclosure of all pertinent facts.

Customer - a customer is a person who has not retained an Agent to work on his or her behalf. While a customer does not enjoy the fiduciary duties and benefits of the Client-Agent Relationship, they are nevertheless entitled to be treated fairly, honestly and with due care at all times.

Agency Relationship - an agency relationship is created when a person, known as the client, asks another person, known as an Agent, to act for and on their behalf in a business transaction. In a typical Real Estate transaction, an Agency Relationship is created when a Seller or Buyer asks a REALTOR in writting to be their Agent.

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