A Buyers Representation Agreement ensures You (The Buyer) the Very Best in Real Estate Service
When it comes to just about every kind of contract, signing on the dotted line makes pretty much everyone a little bit nervous.
When selling a home, most people (Sellers) are aware that they will sign a Listing Agreement with a Realtor. There is, however, an agreement that a Realtor 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.
It is important to not that when choosing representation, home buyers 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 or Brokerage to work exclusively on his or her behalf at finding a property. The agreement confirms the Realtors 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, Buyer Representation, Multiple Representation and Customer Service. This Form is known as “Working with a Realtor”