The Buyer Representation Agreement

The Buyer Representation Agreement

When it comes to just about every kind of contract, signing on the dotted line makes most of 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® might 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 or individual Sales Representative has provided him/her with written information explaining agency relationships including Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service.