Purchase Intent definition
Purchase Intent. The Buyer's intention to acquire the Property is recognized, with all information used solely for evaluation purposes. - Listing Agreement: A contract between a Principal (Seller/Landlord) and Agent (Broker), outlining terms and conditions of agency representation. Note that this Real Estate Agreement contains essential provisions, including implied covenants of good faith and fair dealings. The duty of confidentiality implied in an agency contract is well established: during the term of the agency relationship, an agent must keep confidential information provided by their principal. This duty arises out of the many responsibilities and duties owed by the agent to the principal. However, a recent decision by the Real Estate Council of British Columbia has raised questions about whether this duty extends beyond the expiration or termination of the listing agreement. In a case where two licensees and a real estate firm were reprimanded for breaching a continuing duty of confidentiality, it was found that the agent owed a duty to the seller even after the listing had expired. The property had been listed for sale for over two years and had not sold during that time. After the listing expired, the seller entered into three separate fee agreements with the firm, but declined agency representation each time. A party then commenced a lawsuit related to the subject property, and the real estate firm was approached by the opposing lawyer's representative who requested information about the listing of the property. The firm, believing they had no choice, provided the requested affidavits. However, the seller later filed a complaint with the Real Estate Council, alleging that the information in the affidavits was confidential and that the firm had breached their duty of confidentiality. The real estate brokerage argued that any duty of confidentiality ended with the expiration of the listing agreement and that they could not be prevented from giving evidence under a subpoena or court order. In this case, it is worth noting that there is no such thing as a realtor- client privilege, and the seller could not have prevented the firm from providing information in a court proceeding. The Real Estate Council disputed a defense line, asserting a continuous duty of confidentiality beyond the Listing Agreement's expiration. They ruled that providing affidavits breached this duty, as both brokerages and licensees had disclosed confidential information. The attorney-client priv...
Examples of Purchase Intent in a sentence
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