The Real Estate Council of Alberta (RECA) is arranging to implement a rule change that will make written service agreements mandatory between brokerages and clients. What this means is that all Edmonton Realtors will have to enter into a written service agreement when working with buyers. A mandatory service agreement is already required when selling Edmonton Real Estate.
When using a Realtor to help you with your biggest investment of a lifetime the key professional services that you receive are, the nuances of the process (specific to the market you are in) and advice on features and faults that you may miss. I have worked within BUYER AGENCY SERVICE AGREEMENTS for over 9 years and have found that there are many benefits to having a service agreement that assure a professional service for buyers, sellers and Realtors:
Improving Education & Professionalism: A Realtor is a professional who is hired to help people with their largest financial investment and should carry out their business in a professional matter. By outlining exactly what each other’s roles are and responsibilities, a buyer will have a better understanding of the process and services involved. This education creates a dialogue about how a Realtor would be getting paid which is also very important.
This is all good news for buyers when purchasing real estate in Edmonton, and other Alberta cities. Things have not changes with respect to the market norm - the seller still pays for the buyer’s real estate fees. The buyer’s fees still normally come out of the transaction and are paid by the seller upon closing. In my opinion this just makes sense….. it is very diffucult for a buyer having to come up with cash for a down payment on a property, and to come up with cash for real estate services. Since most buyers use a Realtor to help them with the buying process, as a seller, it would be in my best interest to market my home with a buyer’s agent fee to assure that I don’t illiminate this huge pool of qualified buyers. Read more detail by visiting... Buying Edmonton Real Estate