Jon Chaudhari

the real estate company under which the
individual salesperson who is representing you is licensed.

often used interchangeably with Licensee, Real Estate Agent or Salesperson and in BC, is licensed under the Real Estate Act. A REALTOR can use the term REALTOR if he/she belongs to a local board or association that enforces a strict code of ethics.

often referred to as the Purchaser.

often referred to as the Vendor.

someone who has engaged an Agent to act for and on his or her behalf either to buy or sell a home.

occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation if both parties consent. If you find yourself involved in a dual agency relationship, before making or receiving an offer both you and the other party will be asked to consent in writing to this new limited agency relationship. This relationship involves the following limitations:

1. The Agent will deal with the Buyer and the Seller impartially;

2. The Agent will have a duty of disclosure to both the Buyer and the Seller except that;

   • the Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing;

   • the Agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized by the Buyer or the Seller;

   • the Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing;

3. The Agent will disclose to the Buyer defects about the physical condition of the Property known to the Agent.