Thinking of selling your own home? You can sell your own home without the services of a real estate agent, but selling a home is a complex process.

• What is the best possible price?
• Where do you find a buyer?
• What facts must you disclose?
• What paperwork is required?
• Will the contract be legal and binding?
• How is ownership transferred?
• What about the existing mortgage?
• Can the buyer qualify for a mortgage?
• Who ensures you will get your money?

These are just some of the problems and possibly many other situations that can arise when you are selling, which is why most sellers employ a real estate professional to act as your agent. An agent represents someone else, called the principal, in dealing with other people. The agent becomes a 'substitute' for the principal. This relationship between principal and an agent is called an AGENCY relationship. People often use the services of an agent to accomplish what they do not have the ability, time or desire to do themselves.

If you decide to employ someone to help you sell your home, that person becomes an AGENT for the sale of that specific property. It is important to understand that in BC, the person you hire as an agent to assist you to sell your home, must be licensed as either a real estate salesperson or real estate agent. A real estate salesperson must be employed by a real estate agent and both must be licensed. The term 'agent' in its general sense, will be correctly used to refer to both types of real estate licensees.

Once you have listed your property for sale, the listing agent has a legal duty to protect and promote your best interests at all times. He or she owes you-the principal- his or her undivided loyalty and must disclose to you any and all information, obtained from any source, which might influence your decision. Further, he or she may not reveal any confidential information to another person which might jeopardize your bargaining posistion.