29 May 2019

What Rules Should Your Sarnia Realtor Follow?

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What Rules Should Your Sarnia Realtor Follow?

Many Sarnia Realtors play by the rules. We at Price & Associates Realty are in that group who do. We believe in heartfelt real estate, making you part of our family as we go through the home buying journey. However, we also believe in following the rules set out for us by the Real Estate Council of Ontario. We do so because it protects our clients, both buyers and sellers, and us as well.

Ethics is a large part of real estate. You want to find a Sarnia Realtor you can trust, while also trusting they are following the rules. There are many different rules to follow that are laid out for us when working towards our license. Because we have to follow them, we don’t take short cuts and we do what is best for our clients. Above all, we think real estate should be enjoyable and you should gain an education from it. After all, you are making one of the largest decisions in your life. And for that reason, you should work with a Sarnia Realtor who is ethical, responsible and honest.

So, let’s take a look at some of the rules and obligations Sarnia Realtors need to follow. And what things you as a buyer or seller should know about before going into the Sarnia Real Estate market.

Your Sarnia Realtor provide confidentiality

Your Sarnia Realtor has a duty of care to provide you as their clients. And one of the most important parts of that is confidentiality. You should feel safe to tell your Sarnia real estate agent anything and know that they won’t repeat it to a competing buyer or seller. That can include things such as:

  • The motivation to buy or sell
  • The amount you are willing to pay for a property
  • How much you’re approve for in your mortgage
  • The amount you would accept as a seller during negotiations

All of these things are important questions for your Sarnia Realtor to know. However, they are questions that will help you real estate agent find you a home or list your house. Certainly, it is not information they should be passing on to other real estate agents.

Disclose information to you

On the other hand, your Sarnia Realtor should disclose to you any information that is pertinent to you. For instance, this could be any information that matters to the transaction, conflicts of interest between the real estate agent and you, and sales information. Knowing what a comparable house sold for in your area a week ago is information you should know about. Also, if the Sarnia Realtor is working with the seller and the buyer, they have to disclose it to you both to avoid conflict of interest problems.

They also have a duty to disclose information about a potential problem with a house. For example, if a house has flooding problems, the roof leaks, or wiring needs to be replaced, the selling Realtor should disclose that information to any potential buyers. Not disclosing information like that has led to lawsuits in the past. So, just like you are expecting your Realtor to be honest, be honest with them with any issues with the house.

Exercise care and skill

Your Sarnia Realtor has a lot of knowledge about the Sarnia real estate market. So, it is their job to give you as much complete and accurate information as possible to help you make decisions. That could include giving you proper comparable properties when trying to come up with a price to list your house at. Also, giving you the correct number of listings within a certain price range. Simply put, your Sarnia real estate agent needs to provide you with the best care they can and the most knowledge they can.

There is a misconception that Realtors know everything about a house. With experience, they are able to point out things an inexperienced home buyer might miss. Cracks in foundation, soft spots in the roof, and water damage issues are common. But your Sarnia Realtor isn’t an expert in a home they enter and should not be making you any guarantees about these issues. Instead, they should point you towards an expert in that field, such as a roofer, electrician, plumber, and home inspectors. That’s because if they notice a problem and tell you it’s not a large issue and it turns out to be, it not only is costly, but it constitutes a lapse in their care and skill.

Obey instructions from buyer and seller

The Sarnia real estate agent has a duty to do as you, the buyer or seller, wish. No, we’re not talking Aladdin and the magic genie type of wishes. We’re talking about your decisions on Sarnia real estate matters. That could include things like:

  • Deciding how much to offer on an offer sheet
  • What price to come back at on a counteroffer
  • How much to reduce a listing by
  • What conditions to put on an offer

There are plenty of examples of things your Sarnia Realtor should do for you as their client. However, they cannot do something that is unlawful or misleading. That would include creating an advertisement regarding the property that isn’t true. For instance, putting the wrong measurements down, saying upgrades happened when they didn’t, or neglecting to inform potential buyers on issues with the house, such as a cracked foundation.

A Sarnia Realtors job is to give you the best information possible and help to guide you. If they believe your offer is too low, the Sarnia real estate agent should provide you with reasons why and information on other houses. However, it’s still the client’s decision, and if they wish to go in lower than a Realtor suggests, the Realtor should write the offer as their client wishes.

Sarnia Realtors should always be honest

As mentioned before, honest is pretty much the name of the game. Sarnia Realtors have general and what is called fiduciary obligations to their clients. They are working for you, and at no point should they mislead you to buy a house you don’t want. At Price and Associates Realty, we lay out all our responsibilities during our buyer and seller consultations. And we lay out how we will act as your Realtors and also what we expect from you. As long as everyone is honest, there is a great chance to succeed. Don’t bring any surprises up to your Realtor in the last minutes of negotiations. Stick with an honest approach when working with a Sarnia real estate agent to help you find the property you are looking for.