RE/MAX West Realty Inc.
What Is Meant By An Agency Relationship In Real Estate Transactions?There has been much discussion recently in the Real Estate Industry on the legal aspects of agency relationships. The central issue is who pays the real estate agent/who is the agent working for, and to whom is the agent legally obligated. The text below is taken from a pamphlet put out by the Toronto Real Estate Board that describes agency relationships with respect to Real Estate Agents (Realtors) and their clients (vendors and purchasers).
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Agency Relationships Explained
Agency Relationships Explained (The Toronto Real Estate Board)CONTENTS
What is an agency relationship?
Consequences of agency relationship
Agency in real estate transactions
Toronto Real Estate Board
Agency relationship between vendor and listing broker
Purchasers and their representatives
Disclosure of relationship
Commissions and payment of commissions