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Buyers agents operating in Ontario are governed by the standards for ethical behaviour established by both the Canadian Real Estate Association (CREA) and the Real Estate Council of Ontario (RECO, and by the Ontario Real Estate and Business Brokers Act 2002. As such, they are professionally obligated and legally required to act in the best interests of the buyer. The key difference to keep in mind is that when you are buying a home, a buyer's agent works for you - and a listing agent works for the seller. While a listing agent can assist you with drafting an offer, they cannot help you negotiate, nor can they give you any indication of whether the value of the home is appropriate to the price you are being asked to pay.
RECO standards require that a Realtor answer your questions honestly to the best of their knowledge. However, the listing agent is not required to point out any visible defects - if you simply don't notice a problem with the home you are considering purchasing, you may end up paying for costly repairs down the road, with no recourse. Working without a buyer's agent to watch your back is definitely a case of 'buyer beware'. Even if the home is in perfect condition, the listing agent cannot tell if you if the home is priced appropriately.
Take a look at this side-by-side comparison of the services offered by listing (seller) agents and buyer agents...
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