What is Buyers Agency?
Ships waiting in Burrard Inlet, off Kitsilano BeachBuyer’s agency is where a buyer appoints an agent to represent them in an agency relationship. The principal (in this case the buyer) appoints an agent (the company which the sales associate is licensed with) to represent them as their agent in the purchase of a property. The agent (the company and their sales associates) is legally obligated to protect and promote the interests of their principal. A principal (buyer) may appoint their agent through a written agreement called an Exclusive Buyer’s Agent Contract. This is similar to the listing contract that a seller would sign with an agent when appointing an agent to sell their property. An appointment of a buyer’s agent can also be made verbally. This process requires that a REALTOR® describes the various forms of agency representation to a buyer and then receives verbal confirmation of their appointment as the buyer’s agent.
Buyer’s agency is where a buyer appoints an agent to represent them in an agency relationship. The principal (in this case the buyer) appoints an agent (the company which the sales associate is licensed with) to represent them as their agent in the purchase of a property. The agent (the company and their sales associates) is legally obligated to protect and promote the interests of their principal. A principal (buyer) may appoint their agent through a written agreement called an Exclusive Buyer’s Agent Contract. This is similar to the listing contract that a seller would sign with an agent when appointing an agent to sell their property. An appointment of a buyer’s agent can also be made verbally. This process requires that a realtor describes the various forms of agency representation to a buyer and then receives verbal confirmation of their appointment as the buyer’s agent.
