Using a REALTOR® In Victoria BC
There are a lot of things you should know when you make the decission to purchase real estate in Victoria BC. You will more then likely come across some terminology that you have not heard or is familiar with.
Your Responsibilities as a Buyer/Tenant or a Seller/Landlord
You should:
- Carefully read all documents and understand what you are signing.
- If you need special or expert advice, seek other professionals such as lawyers, notaries, accountants, home inspectors, contractors, engineers and surveyors
Definitions
The Brokerage is the real estate company under which the individual is licensed.
The Licensee is the managing broker, associate broker and/or representative of a Brokerage.
REALTOR® is often used interchangeably with licensee, real estate agent or representative and, in BC, is licensed under the Real Estate Services Act. A Licensee can use the term REALTOR® if he/she belongs to a local real estate board or association that enforces a strict Code of Ethics.
The Boards are the real estate boards and associations in whose jurisdiction the property is located and/or of which the Brokerage or REALTOR® is a member. They are boards and associations which assist REALTORS® to market, sell or lease real estate. The Boards also provide ongoing training for their members, enforce ethical standards and help resolve disputes between members and the public.
The Multiple Listing Service® is a computerized database of real estate listings and sales. It is operated by the Boards in conjunction with other real estate boards and The Canadian Real Estate Association.
Personal Information means any personal information about you, including your name, address, phone number, financial information and may include information about your property (such as listing and selling price, lease rate, listing term, etc.).
The buyer/tenant is often referred to as the purchaser.
The seller/landlord is often referred to as the vendor.
The principal is someone who has engaged a Brokerage to act for and on his or her behalf either to buy, sell or lease real estate.
The landlord is often referred to as the lessor.
The tenant is often referred to as the lessee.
A full glossary of real-estate related terms is available here.
If you are planning to purchase real estate in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave
Cheers, Bill
Properties in Victoria Professionalsâ„¢- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
July 24th, 2011 at 7:26 am
[...] 8.Real Estat In Victoria BC – More on Why You Should Use a REALTOR® | There are a lot of things you should know when you make the decission to purchase real estate in Victoria BC. You will more then likely come across some terminology that you have not heard or is familiar with. … The buyer/tenant is often referred to as the purchaser. … The landlord is often referred to as the lessor. [...]