The Buyer Representation Agreement

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® ask 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 Representation Agreement at the earliest possible time.

When choosing representation, 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 at finding a property. The agreement confirms the REALTOR®'s commitment to make his or her best efforts for the buyer.

By 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.

For more information on this important subject, call your local REALTOR®. The term REALTOR® 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. In Toronto, local REALTORS® belong to the Toronto Real Estate Board, Canada's largest real estate board, serving more than 30,000 Members.

View a more detailed explanation of the Buyer Representation Agreement.

Source: Toronto Real Estate Board

TOP GUNS REALTY INC., Brokerage
830 Rowntree Dairy Rd. #17 . Woodbridge . ON . L4L 5V3 Phone. 416.749.8486  Fax. 905.850.5525

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