Buyer Representation Explained
The Buyer Representation is a contract between you and the brokerage giving your permission to act on your behalf in the purchase of a property. RECO (Real Estate Council of Ontario) requires this.
- It states the geographic location in which you wish to purchase.
- By signing this you are acknowledging that you have not signed this with any other brokerage or real estate agent.
- It interprets that you are the Buyer and throughout this contact that’s what you will be called.
- You understand the commission is paid to the selling brokerage from the listing brokerage. If you have indicated a different amount to be paid as commission from what the listing brokerage has from what the listing brokerage has indicated on the listing and is less than what you have agreed to pay, you agree to pay the difference.
- You are confirming that the different types of agency relationships have been explained to you
- This agreement also requires you to commit to working with that certain brokerage for the length of the contract and that you must inform the agent of any properties you become aware of that are of interest to you. If you purchase privately under this contract you will be obligated to pay the agents commission to the brokerage.
- The agent cannot be held liable for the condition of the property.
- You consent for the agent to accept a finder’s fee from a mortgage company in addition to the commission (should one be referred and paid).
- You understand that during the process of purchasing a home, credit checks and personal information may be collected.
- Personal information will also be collected by the agent to assist in making this transaction happen but will not be distributed to 3rd party companies or moving companies.
- These contracts may be sent via electronic means and will still be considered binding.
- If there is anything that needs to be added to the agreement, it should be added as a Schedule.
- That you have read the agreement and fully understand what you have read, what you are signing and dating and have received a true copy of the agreement