Consumer Relationships Guide
Whether you are selling or purchasing a property in the Province of Alberta, you will be required to sign a form called the Consumer Relationships Guide. This is not part of the purchase contract, rather a form that will be held on record by the Real Estate company representing you in the transaction. The purpose of the form is to explain the relationship and responsibilities of both the Realtor/and or client so that everyone involved is aware and well informed about the role both parties play throughout the transaction.
Although fairly self-explanatory, these are the major issues it brings to awareness:
- Agency relationship – explaining that when you enter to this relationship, you are represented by an agent as well as the agents brokerage that is acting in your best interest.
- Agents responsibilities – undivided loyalty, confidentiality, full disclosure, obedience, reasonable care and skill and full accountability are the responsibilities that every agent must exhibit.
- Customer relationship – if you choose not to be represented by a Realtor in a transaction, the Realtor is not able to provide you the same services as if they were to act on your behalf.
- Conflicts of interest – if you choose to have the same Realtor represent both the seller and buyer in a transaction, you are entering into what we call a transaction brokerage. You must be made aware of this, and are required to sign another form which explains this situation fully.
You will come across these, among other items when completing the form to agree to be represented by a Realtor. If you have any questions at all regarding this subject matter, do not hesitate to ask your Realtor and/or their brokerage for further explanation.