Fiduciary duty

A REALTOR® will not take it for granted that you know how to buy or sell a home. Instead, they will provide you with a full explanation of what to expect, support you at each step, and act only in your best interests. That’s called fiduciary duty and it’s what makes a REALTOR® a professional in the community.

An assessment of your needs

One of the first questions a REALTOR® will ask is, “Why are you moving?” A REALTOR® will also explore any time constraints you might have (perhaps imposed by the need to relocate for employment), your financial situation and any future plans.

A plan to find your dream home

A REALTOR® will help you identify what you want in your new residence. A REALTOR® will compare your needs, wants and budget with what is available on the market and make recommendations that save you time and effort. He or she will also make arrangements to view properties. As an expert on a property, a REALTOR® can provide facts on the neighbourhoods, the cost of heating, the condition of the furnace, and so on.

Access to properties for sale

The Multiple Listing Service® or MLS® is an exclusive service accessible only through a REALTOR® and it can be a valuable tool. Through MLS®, the details of a wide variety of listed properties are available to your agent; such as taxes, sales history, and any special notes that the seller’s agent may have made. This can save you a tremendous amount of time and effort in your search for the right home.

Knowledge of financing options

REALTORS® have extensive knowledge of the financing choices available to home buyers and there options and obtaining financing at the most attractive prevailing rates and terms. We can refer you a mortgage broker who will present a range of options and interest rates depending on your situation. Self-employed? New to Canada? New job? No problem! A mortgage broker has solutions for almost everyone.

A skilled negotiator

REALTORS® are experienced in arranging fair deals. He or she will assist in negotiating an offer, acting as a mediator to head off potential conflicts between you and the seller, and draw up a legally binding agreement. The fair market value of a home is often said to be what a motivated seller and a motivated buyer agree on. Your agent will look for things that affect value, both positively and negatively. For example, the home may need repairs that the buyer is willing to do but only if the price is discounted. Conversely, a property may have hidden equity that your agent will recognize that justifies a full price offer. Every property is unique and deserves a close look to determine it’s true value – the selling price.

Honesty and integrity

Most real estate professionals in our province are member of the Ontario Real Estate Association (OREA) and only members of OREA can call themselves REALTORS®. When you work with a REALTOR®, you can expect not only strict adherence to provincial laws, but also adherence to a Code of Ethics. And that code is very important to you because it assures you will receive the highest level of service, honesty and integrity.

Integrity in the real estate industry is known as “fiduciary duty”. Fiduciary relationships often concern money, but the word fiduciary does not, in and of itself, suggest financial matters. Rather, fiduciary applies to any situation in which one person justifiably places confidence and trust in someone else and seeks that person’s help or advice in some matter. The REALTOR®-client relationship is a fiduciary one, for example, because the client trusts the REALTOR® to act in the best interest of the client at all times. Our fiduciary duty to you is the law, so when we talk about integrity, we’re really talking about a legal obligation to handle your transaction with the highest possible standard of care.

The highest professional standards

Before receiving a real estate license, candidates must successfully complete an extensive course of study developed by OREA on behalf of the Real Estate Council Ontario. That is only the beginning: in the first two years of practice, licensees are required to successfully complete professional development courses every year of our careers.

Contact us today for more information on these and other important features and benefits of working with a REALTOR®.

Local professionals you can rely on

  • A REALTOR® is a licensed professional who, by law, must provide the highest possible standard of care and attention to your transaction

  • This mandate of care is called “fiduciary duty”

  • Fiduciary duty is a legal obligation to manage your transaction at a professional level of accountability

  • In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice or protection is sought in some matter.

  • It’s also known as “The Golden Rule” which is to treat others as we would like to be treated ourselves

Norfolk County Ontario Real Estate