In the competitive real estate market, it's may happen that the listing real estate agent will represent both the seller and the buyer in a transaction, and also, but not commonly, in the case of multiple offer bids. While this practice, known as transaction brokerage or double ending, is allowed under certain circumstances, it's important for buyers and sellers to understand the implications and limitations involved. In this article, we'll explore the concept of agent participation and transaction brokerage in the context of multiple bids.

Agent Participation and Limited Representation:

When an agent represents both the seller and the buyer, they have a responsibility to act in the best interests of both parties. However, it's crucial to recognize that in this situation, the agent's ability to fully represent each party's interests may be constrained. They are prohibited from discussing price or motivation with either client, which can affect their ability to provide comprehensive guidance and representation.

Conflicts and Impartiality:

Due to the limitations imposed by transaction brokerage, conflicts of interest can arise. The agent must navigate these conflicts carefully and ensure they remain impartial throughout the transaction. It's important to note that the brokerage has an obligation to be evenhanded, objective, and impartial in facilitating the transaction, but the agent's ability to advocate for either party may be compromised.

Overrides and Written Instructions:

While transaction brokerage is generally subject to the rules and policies set by regulatory bodies and brokerages, written lawful instructions from the seller can override certain guidelines. This means that if the seller provides explicit written instructions that deviate from the standard practices, those instructions may take precedence.

Maintaining Transparency and Fairness:

In situations where an agent is representing both the buyer and the seller in multiple offer bids, transparency becomes paramount. The agent should strive to provide clear communication, disclose any potential conflicts, and ensure that both parties are treated fairly within the limitations of their role. Buyers should be aware that their interests may not receive the same level of advocacy as in a traditional buyer's agency relationship.

When participating in multiple offer bids where the same agent represents both the seller and the buyer, it's important to understand the concept of transaction brokerage and its limitations. The agent's ability to advocate for each party may be limited, and conflicts of interest can arise. Buyers and sellers should maintain open communication, seek clarification when needed, and be aware that written instructions from the seller can override standard industry practices.

When navigating the real estate market, especially in situations involving multiple offer bids, it's crucial to have a dedicated agent representing your interests as a buyer or seller. While it may be tempting to rely on the listing agent who is already involved in the transaction, there are several key reasons why having your own agent is essential:

• Unbiased Advocacy
• Expert Negotiation
• Market Insights and Resources
• Confidentiality and Representation
• Peace of Mind

 
In summary, having an agent who represents your interests, rather than relying solely on the listing agent, is crucial in multiple offer bid situations. Your dedicated agent will provide unbiased advocacy, expert negotiation skills, market insights, confidentiality, and overall peace of mind. By having someone solely focused on your best interests, you can navigate the real estate market with confidence, knowing that you have a trusted advisor on your side.

If you have any questions or concerns about agent participation and transaction brokerage in multiple offer bids, it's recommended to discuss them directly with your real estate agent. Transparency and open dialogue will help ensure a fair and informed transaction process for all parties involved.

Source

Look no further! Whether you're a first-time buyer or upgrading your space, finding the right mortgage is essential. Let us connect you with trusted mortgage brokers who'll guide you every step of the way.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jason@jasonstreich.com⁠ 

Home Evaluation Form
Start Home Search

Thinking about a new place to call home? Cochrane, Alberta might just be the perfect pick! Here are the top 5 reasons why locals adore living in this picturesque town:

Breathtaking Views: Wake up to stunning Rocky Mountain vistas every day. Cochrane offers unparalleled natural beauty that's sure to take your breath away.

Small-Town Charm: Cochrane combines modern amenities with a warm, small-town feel. It's a place where neighbors quickly become friends.

Thriving Arts & Culture: Experience a vibrant arts scene, from local galleries to live performances. Cochrane's creative spirit knows no bounds.

Outdoor Adventures: Get your heart racing with endless outdoor activities. Hiking, biking, and exploring the Bow River are just the beginning.

Family-Friendly: Cochrane is the perfect place to raise a family. Great schools, safe streets, and an abundance of parks make it a haven for kids.

Ready to experience life in Cochrane? Join us and fall in love with this extraordinary community!

Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12% lower than last year's levels.

New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76%, preventing further monthly declines in inventory levels.

Nonetheless, inventory levels in September remained over 24% lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.

In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

Take control with a solid plan and a team that's committed to your prosperity. Your dream property awaits – let's make it a reality together!

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jason@jasonstreich.com⁠ 

Read Full CREB Market Stats Report
Home Evaluation Form
Start Home Search

Thrilled to be recognized as a Top Agent at Greater Calgary Real Estate for September 2023! Huge congratulations to my phenomenal colleagues, Amelia Dela and Manan Shah, for their outstanding achievements too!

Grateful to our dedicated clients for their ongoing trust in their real estate journeys - your satisfaction fuels our passion! As a Realtor, I love the joy of turning dreams into keys and building lasting connections. Here's to more success and fulfilling dreams together!

Sincerley,
Jason 

Attached goods refer to items that are physically attached to the property and cannot be removed without causing damage, such as pipes, screws, bolts, or nails. These goods remain with the property unless there is a specific exclusion in the listing agreement or in the buyer's offer to purchase.

Examples of attached goods include:

• Garburators
• Water softeners
• Kitchen cabinets
• Built-in appliances
• Central vacuum systems
• Garage door openers

 
On the other hand, unattached goods are movable items that sellers typically remove from the property before the buyer takes possession.

Examples of unattached goods include:

• Wall art,
• Area rugs,
• Drapes hooked on curtain rods,
• Attachments for central vacuum systems,
• Remotes for a garage door opener,
• Movable kitchen islands.

Attached goods are typically included with the property, while unattached goods are not.

In cases where it is not clear whether an item is attached or unattached, such as a wall-mounted TV, which is attached to the property through the wall mount but is not attached to the wall mount itself, specific inclusions or exclusions in the listing agreement or buyer's offer to purchase must be consulted. If a buyer wants an unattached good included in the purchase of the property, such as the garage door opener or attachments for the central vacuum system, they need to list it as an inclusion in their offer to purchase. If a seller plans to take an unattached good, they need to put that in a counteroffer to the buyer. In commercial transactions, everything other than the four walls is typically considered unattached and should be specified in a purchase contract.

Closet Edit: Twice a year, go through your wardrobe and donate or sell clothes you no longer wear. This helps you maintain a clutter-free closet and ensures you're only holding onto items you love and use.

Under-Bed Storage: Utilize the space under your bed for storage. Invest in containers or bins to store seasonal clothing, shoes, or extra bedding, keeping your bedroom free from unnecessary clutter.

Nightstand Essentials: Keep your nightstand tidy by limiting it to essential items like a lamp, book, and a small tray for personal items. This minimalist approach promotes a serene and organized sleeping space.