You've spent years maintaining a family home. The kids have moved out, the stairs are becoming less appealing, and the thought of spending every weekend mowing the lawn and cleaning unused rooms no
Understanding Your Realtor's Responsibilities to YOU!
Dated: October 28 2023
Views: 143
Did you know that Realtor's have a Fiduciary duty? Do you really understand what that means? Let's start at the beginning!
What is a Fiduciary Duty? Fiduciary duty refers to the relationship between a fiduciary and the principal or beneficiary on whose behalf the fiduciary acts. The fiduciary accepts legal responsibility for duties of care, loyalty, good faith, confidentiality, and more when serving the best interests of a beneficiary.
If you are my client, I have Fiduciary Duties:
UNDIVIDED LOYALTY - I have to work solely in your best interests
OBEDIENCE - I have to seek out and obey, your lawful instructions, not exceeding the scope of authority you give me.
REASONABLE CARE & DILIGENCE - Ihave to protect you from foreseeable risks & harm. And recommend you obtain expert advice or assistance when your needs are outside of my scope of expertise.
CONFIDENTIALITY - I cannot communicate key personal information about you, unless you authorize me to do so.
FULL DISCLOSURE - I have to disclose all information to you about the transaction that may affect your best interests.
ACCOUNTING - I must account for all moneys or property held on your behalf.
ADVOCACY - I must as as your advocate
INFORM - I must inform you of an available property, regardless of fee or commission payable to me.
PRICE - I must not misrepresent to you the market value or likely purchase price of any property.
So, if you are considering making one of the biggest financial commitments ever, make sure you have an Agent who appreciates their Fiduciary responsibility to YOU! Now, let's start shopping!
All the Best!
Kim Susands
Kim Susands is a highly skilled Realtor based in Oshawa, Ontario, Canada, with a passion for real estate and an unwavering commitment to excellence. She is a graduate of the prestigious New York Insti....
Latest Blog Posts
When most people think about buying a home, they focus on two big numbers: the purchase price and the down payment.But ask almost any homeowner, and they'll tell you the same thing—there are
After 25 years—or even longer—in the same home, it's not unusual to look around and wonder, "How did we accumulate so much stuff?"For many homeowners approaching retirement or
For many homeowners, selling a home is more than a real estate transaction.It's the closing of a chapter.The family home is often where life's most important moments happened. It's where children
Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
Data provided by the Ontario Regional Technology & Information Systems. The information is deemed reliable, but is not guaranteed. Not intended to solicit buyers or sellers, landlords or tenants currently under contract.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating