Hello everyone!

Today, let's delve into an important topic that often causes a bit of confusion: limited joint representation in real estate transactions. What does it mean when your real estate transaction is under limited joint representation? Let’s unpack this together.

What is Limited Joint Representation?

Limited joint representation occurs when the same real estate brokerage represents more than one party in a real estate transaction. Most commonly both the seller and the buyer. It's a situation where one brokerage has the privilege and responsibility of assisting both parties. But, for this to happen, both the seller and the buyer must agree to this arrangement. They will need to sign a form acknowledging their understanding and consent to proceed under limited joint representation.

What Changes with Limited Joint Representation?

You might wonder, what exactly changes when both parties are represented by the same brokerage compared to when they have separate representation? The primary difference lies in how the realtor can communicate and advise each party.

Maintaining Fairness for All

In limited joint representation, fairness is the cornerstone. The realtors involved must ensure they are unbiased and cannot favor one party over the other. This means that realtors are restricted in how they can advise on pricing and other sensitive information.

For instance, imagine a home listed at $350,000. If the seller privately tells their realtor they are willing to accept $340,000, the realtor cannot disclose this to the buyer. Similarly, if a buyer tells the realtor they are willing to go up to $360,000 but will start with an offer of $340,000, the realtor cannot share this with the seller.

Another critical aspect is confidentiality. Realtors cannot disclose the reasons behind a sale or purchase. For example, if the seller is moving to another city and has already bought a new home, the realtor cannot share this information with the buyer. Such details remain confidential to maintain fairness and integrity in the transaction.

Understanding these nuances helps ensure that both buyers and sellers are treated equitably and that the transaction proceeds smoothly and transparently.

Note that just because you are in a limited joint representation situation does not necessarily mean the realtors involved know both parties. When two realtors work for the same brokerage and one represents the seller and the other represents the buyer this is still considered a limited joint representation situation. In this case though often times the realtor representing the buyer has never meet the seller and vice versa.

I hope this clarifies what limited joint representation means and how it impacts your real estate transactions. As always, feel free to reach out with any questions or if you need further clarification!

Your Friend in Real Estate,

Sam Scribilo

Hello, homebuyers!

A question I often hear is, "Can I move in early if the home is not occupied?" The short answer is: potentially, yes. But let's dive into the details to understand how it works.

When you signed the offer to purchase contract, you agreed on a specific possession date and time. This date is crucial because it marks the moment the home legally becomes yours. Moving in before this date can lead to complications, as the property isn't officially yours until then.

However, I understand the excitement, and sometimes you may want to move in earlier than planned. In this case, there's a solution: amending the original offer to purchase. This process involves both the buyer and seller agreeing to a new possession date. If both parties are on board, you'll need to sign an amendment agreement to make it official.

It's important to communicate openly with your real estate agent if you find yourself in a situation where an early move-in is necessary. They can guide you through the process and help ensure everything is handled smoothly. By following the proper steps, you can potentially adjust your move-in date without any legal hiccups.

Before requesting an amendment to change the possession date, there are a few things to consider. Be sure to check in with your mortgage broker or bank, as sometimes an amendment to the offer to purchase might require your bank to "re-do" the mortgage approval. Also, ensure that everyone involved is up to speed once the possession date amendment has been signed. Make sure your lawyer is aware of the change, and consider reaching out to your insurance company if you had already set up insurance.

As always, talk to your realtor. They can advise if amending the offer to purchase to change the possession date makes sense in your unique situation!

Your friend in real estate,

Sam Scribilo

You may or may not have noticed that I have the letters B.Sc after my name in my marketing, but what you may not know is that graduated from the University of Manitoba with a Bachelor’s degree in science and I went back to school to specialize in research dealing with freshwater fish.  I also spent nearly a decade working in the field of natural resources mostly involved with fisheries, throughout much of Northern Ontario, Manitoba and Western Canada.

People who knew me before I became a realtor always ask if I miss my previous career, and tend to point out how much different being a Realtor is from being outdoors catching fish. Truthfully it was just like any other job - it had its pros and cons, and while there are fun things that I miss, there are just as many things that were not so pleasant, constantly smelling like fish for instance, which I do not miss.

So, I thought I would take this time in my blog to talk about the 3 major reasons why I absolutely love being a realtor.

1. Learning about houses and construction

I have always been a person who learns so much better by doing something, and in the past 5 years I honestly can’t tell you how many houses I have toured, how many home inspections I have been part of and how much wider my knowledge of house construction has grown.  You see, I had a good idea of how houses were built from my father.  While not a journeyman in any specific construction field, my dad was trained by an electrician and plumber when he was a young man, and although he didn’t pursue that path for a career, he built most of the home my parents still live in by himself (and friends and family) in the 1980’s.  The fact that he did this before there was internet, YouTube and Google to figure it out still astounds me.  Growing up in that house he always included me, my brother and my sister in new projects and working to make improvements in the home. But it wasn’t until Jen and I purchased our first home in Winnipeg in 2008 (a former grow op, and a story for another day) that I really learned to respect the work put into a home and the effort it takes to maintain it.  Suffice it to say that the inner workings of home construction and planning started to grow in my mind. Now 5 years into my real estate career I still find interesting facts from homes built in different time periods, differences in materials and new changes as the building code evolves.  All of these things are fascinating to me and I love increasing my knowledge of it.

2. Meeting new people

I am 100% an extrovert.  I love meeting new people, rarely shy away from a conversation and can usually talk to anyone, even someone I barely know for at least a short conversation about mutual topics. Real estate allows me to meet so many new people, whether that be clients, other real estate agents, experts in home construction, home inspectors, you name it, we meet a lot of people.  Some of the best days have nothing to do with real estate, even if we are touring a home or negotiating a real estate offer, there are so many times that I just get lost in the conversation and find that I really just enjoy meeting these new people and getting to know them and their families.  Learning about peoples lives, and motivations for their real estate goals really increases the level of the relationship.  Truthfully one of the hardest parts of real estate for me is when clients do find their home, or their listing sells and we no longer spend a few days a week together.  It’s a running joke in our house that all of my client appointments run long, not that I am late for things, I just have to plan around my inability to stop a conversation J

3. Everyday is completely different

Sure, we do a lot of the same things with each of our clients, but no two transactions are ever the same.  Literally every day is different, and your day can turn on a dime.  You can get a call out of the blue that a client wants to buy a cottage lot, you can find out that your clients vacant listing’s furnace just quit in -30 C when you go to check on the home, you can be digging yourself and a fellow realtor out of a 3-foot snow drift after a showing (yes these are real examples).  What I am trying to say is there are ups, there are downs but the work is always eventful. Also negotiating an offer on behalf of your clients and getting them what they want or BETTER than what they want is always such a rewarding feeling.

I guess what I am saying is although I have chosen a different career path in the past 5 years, I couldn’t be happier with my decision.  Thank you to my awesome family who have always supported me in my decisions (except my tattoos….. J), and especially my dad for teaching me how to wire an outlet when I was 12.  To my clients past and present, thank you for trusting in me, spending your time with me and know that even when we don’t see each other for a while I always reminisce about similar homes, or interesting places we toured together. 

“It is good to have an end to journey toward; but it is the journey that matters, in the end.” – Ursula K. Le Guin

#AgentLogan

Logan Queen

Tel: (204) 226-1261
Email: Logan@JenniferQueen.com