Would you be surprised to learn that your dentist has the candy in the corner? Would you be embarrassed that the mechanic who fixes the brakes on your car was also selling electronic goods?
These examples may seem a bit exaggerated, but they are relevant to our discussion. In such scenarios, you'd be extremely worried because of conflicts of interest that such business could generate. This is actually the reason why the mandate report was created: to protect property agents who claim to work for your benefit, don't end up working on behalf of another party.
Under the law, your property agent must fulfill the duties and responsibilities arising from the report of mandate: to offer his services with due care and integrity, confidentiality and with loyalty.
The property agent must indicate in writing that he agrees to act as your agent in a property transaction. He can represent the house buyer or the house seller and in some cases, the agent can represent both the house seller and buyer involved in a single transaction. The important point is that the property agent disclose this information, to the parties concerned as required by law.
The types of property relationships:
The buyer's property agent
The estate agent works exclusively for the buyer, takes an oath to respect confidentiality and works to find the best possible opportunity for the house buyer. The house seller should make sure not to reveal anything before the estate agent of the buyer that he would hide from the buyer. Indeed, the house buyer's agent is required to bring this information to the attention of his client.
The seller's estate agent
The estate agent is obliged under the law and ethics, to work solely on behalf of the house seller. The property seller's estate agent finds the best possible conditions for his client and has no obligation to the purchaser other than to disclose any defect in the condition of the property.
As a property seller, you should be able to count on his full confidence. As a house buyer, be careful what you say in the presence of the agent of the seller. The house seller's estate agent is obliged to disclose any information that could benefit his client.
Dual property agent mandate
In some cases, the same property agent (or agents of the same property brokerage) represents both the seller and the buyer. In such a situation, the broker must be impartial. The nature of the dual mandate should be disclosed to the client and the client must acknowledge in writing that he has understood the nature of this relationship with the appointed property agent.
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