It goes without saying: to sell your home, you need a buyer! The future owner of your property can contact you in two ways.
- Potential buyer represented by a real estate broker
- Potential buyer represented by a real estate broker
When the buyer is represented by a real estate broker (i.e. is bound by a brokerage contract to purchase), it is the broker who will contact you or your broker. The buyer's broker will be compensated in accordance with the contract he signed with the buyer. However, often the buyer does not need to remunerate his broker directly, as the broker will be paid from the money you will pay to your own broker, in accordance with the terms of your brokerage contract to sell.
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Potential buyer not represented by a real estate broker
- Potential buyer not represented by a real estate broker
If a buyer is not represented by a real estate broker, note that your broker is bound to you through his obligation of loyalty: this means that he cannot disclose confidential or strategic information concerning you to a prospective buyer. However, your broker has an obligation to act fairly toward this buyer, and to inform and advise him objectively.
A broker who has not signed a contract with the buyer can still help close the transaction. In this case, your broker will share his remuneration with him, in accordance with your brokerage contract to sell.
The first step toward the sale of your property
If a buyer is interested in your property following a visit, he may ask to see it again. Then, if the buyer is represented by a broker, he will draft a Promise to purchase with his broker, spelling out the conditions under which he is prepared to purchase your property. At that point you may either accept the promise to purchase or make a counter-proposal.
In all situations, you will have an opportunity to ask any questions to your broker or to the OACIQ in order to make an informed decision.
