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In a typical residential real estate transaction, the parties work with their Realtors to negotiate an agreement of purchase and sale. After a deal is reached and there is a binding contract in place, only then, will people engage the services of their real estate lawyer. Unfortunately, by then, there is little that your lawyer can do to amend the terms of the agreement! At Prince Law, we believe that your real estate lawyer is an essential part of the process and should be involved BEFORE you sign a binding contract. When you work with Prince Realty and Prince Law, you will get the services of a Realtor and real estate lawyer throughout the entire transaction – all for the commission that you would expect to pay to a traditional real estate agent.
Dual agency, or double ending, occurs when the same Realtor represents both the buyer and seller. In a dual agency situation, the Realtor is no longer acting in your best interests as they now owe duties to both the buyer and seller! If you’re selling, you want your agent to get you the highest possible sale price. If you’re buying, you want your agent to negotiate the lowest possible price. In a dual agency situation, your agent can’t do this as there is a conflict of interest. Not only can the Realtor no longer advocate for you, but they are probably making more money since they no longer have to split the commission with another agent! From the Realtor’s point of view, double ending a deal means extra money in their pocket. From your point of view, its a significant disservice. In fact, this practice is so frowned upon that it’s illegal in several states and provinces, but not Ontario! At Prince Realty we believe that dual agency should be banned in Ontario and we practice what we preach. When you hire us to represent you, you can be certain that you will be our only client in the transaction and we will only ever advocate for your best interests.
The principals of Prince Realty have been licensed Realtors for over 70 years combined. They have sold over 100 million dollars of Ontario real estate. They have been involved in hundreds of real estate transactions. They have experience as home inspectors, real estate lawyers, and mortgage brokers. When you hire Prince Realty, you get access to a multidisciplinary team with a wealth of knowledge and experience that has been gained through decades of practice.