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Know your rights as a buyer and seller in real estate

Posted by Nicholas Searle ot 06 : 18 pm

As a buyer or seller, knowing that you have a good realtor, doing your own research, asking lots of questions and understanding your rights are all critical factors in a successful outcome.

Shop around for a good sales representative

Just like when you are shopping for the best deals, shop around for a good realtor. Currently, there are almost 50,000 realtors registered with the Toronto real estate board. That’s a lot to choose from! Each realtor and brokerage is different. However, they all have to be professional and be able to represent you well in a transaction. Experience and area knowledge can be main factors for your decision. At the end of the day you need to feel confident that your agent has the ability deliver what they promised.

Do your own research

When you choose your sales representative, do your own research! Check if the real estate salesperson, broker or brokerage are registered and in good standing by visiting http://www.reco.on.ca/realestate-pro-search/. This gives more details about the agent, such as whether they are facing charges or have been disciplined in the last 60 months. It is also a good idea to check their website and testimonials to get more information about them. You can also check their profiles on other social media like Facebook, Instagram, Twitter, or even Snapchat. If you are into pre-constructions, check the builder profile at https://www.tarion.com/ontariobuilderdirectory

Ask questions

When you buy or sell a property, it involves signing legally binding documents. Before you sign any documents, make sure you carefully read them, understand everything and ask questions. Try not to make assumptions. Make it clear what is included or not included in the transaction. Some of the documents have complex terms and jargon but there is an easy language agreement form that you can request from your realtor as well. For legal advice about any documents relating to a real estate transaction, a lawyer is always helpful.

Once you sign, you’re bound to the brokerage

Check the length of time in any representation agreements before you sign. Typically, anything more than 6 months requires your special initials. Just remember that once you sign any documents, you are bound to the brokerage for a certain length of time plus a “holdover” period. Make sure the time is reasonable and not too long. If you find out later that you don’t like their approach, then you don’t won’t to be hook with them for a long time. A signed Agreement of Purchase and Sale, also means that if you make an offer on a property and that offer is accepted, the brokerage or the other party could take legal action if you attempt to back out of the deal. You might lose your deposit, plus any legal damages if there is a lawsuit. Signing an offer is a serious commitment and should never be taken lightly. So good luck with your property trades and keep on top of all the details!


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