Working with a REALTOR®

Unlike in the United Kingdom, the real estate industry in Canada and Nova Scotia is highly regulated. Before a person can trade in real estate, they must complete an intensive educational programme and pass an exam set by the Nova Scotia Real Estate Commission, the regulatory body for the province, which grants licences to successful candidates.

A REALTOR® is a licensed real estate salesperson who is a member of the Canadian Real Estate Association, and who is bound by their strict Code of Ethics. In Nova Scotia, a REALTOR® is also a member of the Nova Scotia Real Estate Association, and all licensed salespeople are bound by the Real Estate Trading Act and the by-laws of the Nova Scotia Real Estate Commission. This highly regulated industry means that the interests of the consumer are protected, and that real estate professionals operate to a high degree of responsibility and professional ethics.

If you have a property you wish to sell, you enter into an agreement with a brokerage, that acts as your agent. Your salesperson, and all the other salespeople associated with that brokerage, are your agents.

If you wish to buy a property in Nova Scotia, you could deal with the salesperson who represents the seller, on a non-client basis. The person you will be dealing with in this case is legally obliged to negotiate the best terms and price for the SELLER. Or, you can deal with a salesperson who will act as your buyer’s agent, representing you, the buyer, throughout the transaction, and who is legally obliged to negotiate the best terms and price for the BUYER. Buyers’ agents receive their remuneration from the seller of the property.

The Multiple Listings System, which is run by the Nova Scotia Association of REALTORS®, means that your buyer's agent can show you any listed property for sale, regardless of who the seller's agent is. They can also approach private individuals, who have opted to market their properties themselves, on your behalf. You don’t have to visit every real estate agent in town to ensure you’ve seen every property available – your buyer’s agent does all that leg-work and research for you.

By law, your REALTOR® must:

• Protect your negotiating position at all times, and disclose all known facts which might affect or influence your decision – their loyalty to you is undivided
• Obey all your lawful instructions
• Keep all your confidences
• Exercise reasonable care and skill in performing his/her duties
• Account for all money and property placed in his/her hands while acting for you

A REALTOR® who is NOT your agent cannot:

• Recommend or suggest a price other than that given by the seller
• Negotiate on your behalf
• Inform you of his/her client's top and/or bottom line
• Disclose any confidential information about his client unless authorized to do so

Click here to read The Nova Scotia Association of REALTORS® brochure, Working with a REALTOR®.

Let us prepare a personal property portfolio for you free of charge.