what to tell my real estate agent

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Providing valuable resources for our Lethbridge Real Estate Buyers and Sellers is our top priority.

It is important to have your homes inspected before the final closing occurs. Inspections for insects, radon, and building quality should be performed. Your homeowner's insurance and mortgage should be finalized also. Make sure all the necessary paper work and deposits have been completed before you arrive at the closing.

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what to tell my real estate agent

How much does my Lethbridge real estate agent need to know?

Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation.

Agents working for buyers have three possible representation options. They can represent buyers through Sole Agency, Designated Agency, or Common Law Agency.

Here is a summary of the three basic types of agency relationships in the province of Alberta, used by all Realtors in Lethbridge:

SOLE AGENCY
A relationship in which the brokerage or industry member acts as the Agent for only one party in a trade. The essence of the agency relationship is that the Agent has authority to represent the Client in a real estate transaction. In Sole Agency, Agents are obligated to protect and promote the interests of their clients.

DESIGNATED AGENCY
If a brokerage operates under Designated Agency, your agency relationship is with the industry member and not with the brokerage. Should the other party to a potential transaction be represented by another industry member in the same brokerage, there is no conflict, as each industry member will be in a sole agency relationship with their respective clients.

COMMON LAW AGENCY
In common law your agency relationship is with the brokerage. If the other party to a potential transaction is represented by the same brokerage that represents you, the brokerage has a conflict of interest. Transaction brokerage is just one solution to this conflict, and the most common solution for Alberta real estate brokerages. In this way, the Agent acts as a transaction facilitator to assist in bringing the parties to a mutually acceptable agreement. This may include providing statistics, providing documents and instructions to the client, presenting and conveying offers, as well as following up on any necessary details.

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