Working with a Realtor

ERCAAN National.

Buying or selling a home is one of the most financially impactful decisions you’ll ever make. Find out why you should hire a REALTOR.

Whether buying or selling a home, you can trust that your REALTOR will ensure the transaction is completed competently and professionally.

You don’t have to worry about the details – your REALTOR can take care of them for you. You can get advice from someone with an intimate knowledge of the local housing market. And you can count on the help of a professional who has committed to serve with integrity and competence.

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Realtor and Salespersons

In Nigeria, a Realtor is somebody who is a member of Ercaan and licenced by either the state or federal Real Estate regulatory Authorities to Pratice the Profession of Real Estate.

What is a REALTOR?

The term 'REALTOR' is restricted to those real estate practitioners who have chosen to belong to local, provincial and national real estate associations. In so doing, they have agreed to abide by a strict Code of Ethics that ensures the highest level of service and integrity. ERCAAN Members are REALTORS.

REALTOR Code of Ethics

Registrants in any province who become members of organized real estate have agreed to abide by the REALTOR Code and its accompanying Articles and Interpretations. The Code establishes a standard of conduct, which in many respects exceeds basic legal requirements and ensures that the rights and interests of consumers of real estate services are protected.

Agency Relationship

ERCAAN requires registrants to disclose in writing the nature of the services they are providing and encourages them to obtain written acknowledgement of that disclosure. This is usually a statement that the consumer signs and the REALTOR retains as proof that disclosure was made. Signing the statement does not obligate the consumer in any way. It just serves as proof that the REALTOR has discussed the matter with the consumer.

Types of Agency

In real estate, there are three kinds of agency relationship: Seller's Agency, Buyer's Agency & Multiple Agency.

Seller's Agent: When a real estate brokerage is acting as a “Seller's agent,” it must do what is best for the Seller of a property.
Buyer's Agent: When a real estate brokerage is acting as a "Buyer's agent," it must do what is best for the Buyer. A written contract establishes Buyer agency. It also explains what services the REALTOR will provide and spells out who will pay and what obligations to the REALTOR a Buyer may have. Typically, buyers will be obliged to work exclusively with that REALTOR for a period of time.
Multiple Agent: When a real estate brokerage and its salesperson represent both Buyer and Seller. Under this arrangement, the REALTOR must do what is best for both seller and buyer. In cases of multiple agency, strict procedures must be followed. A REALTOR can only represent both Buyer and Seller if both agree in writing.

Who Pays?

In most transactions, the REALTOR will be paid from the proceeds of the sale. However, the listing agreement usually specifies the REALTOR's fee. Buyers & Sellers will be told in writing for whom a REALTOR is working.

The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.

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