Would you sell your home -- your most valuable asset -- if you could not be absolutely certain (never mind "predictability"!) that you would get paid on time? Well, needless to say, this is why you need a lawyer -- but not just any lawyer.

The rules that hold Society together are so complex that the legal profession has, over time, developed special areas of practise. Real estate law is one of these areas. In fact, laws regarding land were probably among the first laws ever made. The present real estate law in Ontario has evolved over the past thousand years.

Just as you select your Real Estate Sales Professional carefully, you must select your real estate lawyer carefully. While none of the lawyers on your "short list" will have a thousand years' experience, it is important for you to be satisfied that the one you choose is thoroughly familiar with all of the various interests in your property -- including the purchaser, mortgagees, lien holders, insurers, rights-of-way, the tax collector, the oil company and so on. Your lawyer must satisfy these parties as well -- or you could be in trouble!

Choose your lawyer, to a large degree, on the basis of how experienced he or she is with respect to these matters. Do you have a friend or co-worker who can vouch for the lawyer's expertise? Is the lawyer on a professional committee relating to real estate law? Has the lawyer taught courses to first-time sellers or buyers?

Don't forget to ask about the lawyer's fees and availability!

When you work with a real estate agent in buying or selling real estate, the Canadian Real Estate Association requires that you be informed whom the agent is representing in the transaction. As a prospective buyer or seller, you should know that, traditionally:

• Both the agent who lists the property for sale (the listing agent) and the agent who works with a buyer (the sub-agent or selling agent) are agents for the seller.
• Their loyalties are owed to the seller. They must inform the seller of all important information they know which might affect the seller's decision regarding the sale of the property.
• While neither is the agent of the buyer, they can provide the buyer with information about available properties and sources of financing and aid the buyer in comparing the features of different properties as well as showing properties and assisting in making an offer to purchase.

A real estate agent must treat the buyer honestly and fairly. The agent will:

• Promptly present an offer to the seller.
• Disclose known material facts about the property.
• Offer the property without regard to race, creed, colour, sex, marital status, age, or country of origin.

If you have any questions regarding the roles and responsibilities of real estate agents, please give me a call at 416-321-3800.

What exactly are our Agency obligations to the seller or vendor?

Please call me if you would like to have a brochure "Agency Relationships Explained".

From The Scarboro Heights Record V3 #1

Dual Agency

It may be on a particular transaction involving real estate that both the vendor and purchaser are represented by the same Firm. This is known as dual agency.

In dual agency, there is effectively only one agent, or Firm, in a situation where there are two principals. In this case, duties to prinicipals can become conflicting given that one agent is acting for more than one principal.

When REALTORS seek a Listing Agreement from a vendor, or REALTORS seek confirmation of agency relationships from a purchaser, it will be normal for the REALTOR to ask the party signing the agreement to acknowledge that dual agency may occur, and that conflicts and duty of confidentiality are waived.

From The Scarboro Heights Record V3 #2