Real Estate - Frequently Asked Questions
What is RECO?
Real Estate Council of Ontario regulates Real Estate Professionals to protect the public interest. It is the entity enforcing the rules that REALTORS® and its Brokerages must follow.
What is a Seller’s Market?
The Demand of houses is higher than the Supply. Fewer houses available will help prices to go up.
What is a Buyer’s Market?
The Supply of houses outpace the Demand. Buyers might have better chances to offer lower prices and get better deals.
Who is a Listing Agent?
A Listing Agent is a REALTOR®, representing the Owner of the home. He/she works for the Seller. The Listing Agent has fiduciary duty to the Seller and must represent the Seller’s best interests. Seller will pay a remuneration to the Listing Agent and the Cooperating REALTOR® who brings the Buyer of the property. It might happen that the Listing Agent sells direct to the Buyer, however, it is still Listing Agent’s responsibility to act towards the Seller’s best interest, facilitating the transaction to the Buyer.
What is the Buyer’s Agent Role?
Buyer’s REALTOR® represents your interests when buying a home and has Fiduciary Duties to you as a Buyer. Sometimes referred to as the Cooperating REALTOR®, your REALTOR® will make a big difference in the house hunting process. Your Agent will keep you informed and educated about the current market, the available resources you have and the options you face. A good REALTOR® will be the one who facilitates the process for you as a Buyer and will work hard to represent your best interests.
What is a Home Inspection?
A home inspection is an examination of the state of the home, usually required by an interested Buyer; it is desired to be conducted by a qualified Home Inspector, who shall have the credentials and expertise to identify major defects and other problems for the Buyer to make an informed decision when buying the property.
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