Do I need to sign a Buyer Representation Agreement to buy a home in ON, Canada ?
For home buyers in Toronto, Mississauga, Oakville & Brampton area
Thinking of buying a home or property in Brampton, Mississauga, Toronto area in Ontario, Canada ??
New or Resale…You need a Buyer’s Representative. A Real Estate Agent to represent you.
You as a home Buyer in Ontario,Canada should be aware of your options so that you are better able to protect your position in a Real Estate deal/transaction. The role of a Real Estate Agent in canada has been undergoing tremendous change over the past several years. Prior to 1995, all Real Estate Agents worked for the Seller in a Real Estate transaction. A buyer can now choose to retain representation with a Licensed Real Estate Agent and receive the same legal relationship that Sellers have received for nearly 100 years. Buyers may sign an agreement with the Real Estate Agent known as “Buyer Representation Agreement”. This is basically an Authority for Purchase or Lease.
A buyer who understands
Options will typically want to select their Real Estate representative EARLY in the transaction in order to avoid potential conflicts of interest should they be making many calls to various Realtors (typically listing sales representatives representing the Seller) or if shopping New Home sites (representatives are not necessarily licensed Real Estate Agents – thereby having no accountability to the Buyer through RECO* or REBBA**).
The careful selection of a committed Real Estate Agent to represent your interests in the acquisition of property may play a vital role in buying right property at right price. A skilled Buyers sales representative will add tremendous value to the buyer during Home, Property search, drafting of the contract, during negotiations, and overseeing the contract to completion.
Buying your dream home
An important decision. You must spend some time to find a smart and committed Real Estate Agent in Mississauga, Brampton, Toronto area to help make it all happen?
As a home / property buyer in Ontario, Canada we may explain you your rights.
While buying a home, anything said while un-represented could be used against the buyer during negotiations;
You have the legal right to be REPRESENTED.
If you choose NOT to be represented;
Then all Realtors will work on behalf of the Seller during negotiations.
What is a “Buyer Representation Agreement” <- Click on this link to check actual document of Buyer Representation Agreement With explanation notes in simple English.
Guaranteeing You the Very Best in Real Estate Service
When it comes to just about every kind of contract, signing on the dotted line makes us all a little bit nervous. When selling a home, most people are aware they sign a Listing Agreement with a REALTOR®. There is, however, an agreement that REALTORS® are now asking their home-buying clients to sign. It’s an agreement that works in favour of buyers, guaranteeing the very best in real estate service.
The Real Estate Council of Ontario (RECO), a public agency formed to protect consumers and regulate the industry, introduced guiding principles mandating that REALTORS® ask their clients to sign a Written Buyer Representation Agreement.
Homebuyers have the option to sign either a Buyer Representation Agreement or a Buyer Customer Service Agreement.
The Buyer Representation Agreement signifies that for a designated period of time, the buyer has engaged a specific REALTOR® firm to work exclusively on his or her behalf. The Buyer Representation agreement confirms the REALTOR®’s commitment to make his or her best efforts for the buyer.
By comparision, signing the Buyer Customer Service Agreement the buyer acknowledges the Broker has provided him/her with written information explaining agency relationships including Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service.
The term REALTOR® in Canada is designated to those who have chosen to belong to local, provincial and national real estate associations, agreeing to adhere to a strict code of professional standards that ensures the highest levels of service and integrity.Local REALTORS® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 24,000 Members.
Make the Right Move. Consult a Toronto Real Estate Board REALTOR®.
To find out more, please feel free to contact us, or book a complimentary private consultation to discuss your Real Estate Goals.
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