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Real estate contracts Updated: 02 Sep 2009

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Who are real estate agents working for? Posted by: Lynn 14 Sep 2009 10:35am

The ADLS view is that the new contract favours the purchaser over the vendor. But the real estate agent is suposed to be working for, and is paid a very large sum by, the vendor. With this new contract the agents appear to favour themselves and their commission only.
Lynn

Reply 1: Posted by: ChundaMars 19 Oct 2009 6:26pm

Lynn, as a real estate agent, I can assure you that most agents are not using the new form, regardless of what the REINZ are saying, for the exact reason that you point out: the agents primary responsibility is to the vendor, and the new form does not protect the vendor as well as the old one. I have yet to see anyone use the new form.

Reply 2: Posted by: Trevor Coppock 12 Nov 2011 2:41pm

And the old REINZ/ADLS form is not protective of the vendor either. I know. I have just fallen foul, big time, despite doing all legally required of me.