When selling a Real Estate Property, most property Sellers are aware they sign
a Listing Agreement with a REALTOR® There is, however, a Buyer Representation Agreement that REALTOR® ask their
home-buying Prospect Client to sign.
It’sa Buyer Representation 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 REALTOR® ask their clients to sign a Written Representation Agreement
at the earliest possible time.
Buyers Relationship to REALTOR®.
Buyers have a choice of two relationships with a REALTOR® As a Client, a Real Estate Brokerage acting as a Buyers Agent must do what is best for the buyer. When choosing representation, home buyers have the option to sign a written contract, of either a Buyer Representation Agreement or a Buyer Customer Service Agreement.
The Buyer Representation Agreement , establishes buyer agency. It also explains services the REALTOR® Brokerage will provide, establishes a fee arrangement for the REALTOR® services and specifies what obligations a buyer may have. Under such agency, a buyer signifies that for a designated period of time, the buyer has engaged a specific REALTOR® Brokerage to work exclusively on his or her behalf at finding a property In return, confidence a buyer shares with that REALTOR® will be kept confidential.
The REALTOR® is also required to offer professional advice, negotiate the best price for the buyer and provide the buyer with as much information required to make the right Informed decision at finding the Right property. The agreement confirms the REALTOR®’s commitment to make his or her best efforts for the buyer.
Where by signing the Buyer Customer Service Agreement. the buyer acknowledges the Broker has provided him/her with written information explaining The five Agency Relationships that could arise when Buying or Selling your Real Estate Property including: Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service.
As a Customer the buyer can expect to be treated fairly and honestly. It is important for the buyer to realize that under such a relationship the REALTOR® is technically a Sub-Agent of the seller so that duties are owed to that seller. However, the buyer can expect the REALTOR® to disclose all pertinent information about a property, not to misrepresent any facts, and to honestly answer all questions about the property.
Under such Agency Relationship with the buyer, the REALTOR® must not must not imply that they shall negotiate a price for the buyer as that would be a direct conflict with the REALTOR® sub agency relationship with the seller and a violation of our rules and regulations.
The term REALTOR® is designated to members 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 and the GTA, local REALTOR® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 30,000 Members.
The term REALTOR® is designated to members 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 and the GTA, local REALTOR® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 30,000 Members.
Buyers Relationship to REALTOR®.
Buyers have a choice of two relationships with a REALTOR® As a Client, a Real Estate Brokerage acting as a Buyers Agent must do what is best for the buyer. When choosing representation, home buyers have the option to sign a written contract, of either a Buyer Representation Agreement or a Buyer Customer Service Agreement.
The Buyer Representation Agreement , establishes buyer agency. It also explains services the REALTOR® Brokerage will provide, establishes a fee arrangement for the REALTOR® services and specifies what obligations a buyer may have. Under such agency, a buyer signifies that for a designated period of time, the buyer has engaged a specific REALTOR® Brokerage to work exclusively on his or her behalf at finding a property In return, confidence a buyer shares with that REALTOR® will be kept confidential.
The REALTOR® is also required to offer professional advice, negotiate the best price for the buyer and provide the buyer with as much information required to make the right Informed decision at finding the Right property. The agreement confirms the REALTOR®’s commitment to make his or her best efforts for the buyer.
Where by signing the Buyer Customer Service Agreement. the buyer acknowledges the Broker has provided him/her with written information explaining The five Agency Relationships that could arise when Buying or Selling your Real Estate Property including: Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service.
As a Customer the buyer can expect to be treated fairly and honestly. It is important for the buyer to realize that under such a relationship the REALTOR® is technically a Sub-Agent of the seller so that duties are owed to that seller. However, the buyer can expect the REALTOR® to disclose all pertinent information about a property, not to misrepresent any facts, and to honestly answer all questions about the property.
Under such Agency Relationship with the buyer, the REALTOR® must not must not imply that they shall negotiate a price for the buyer as that would be a direct conflict with the REALTOR® sub agency relationship with the seller and a violation of our rules and regulations.
The term REALTOR® is designated to members 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 and the GTA, local REALTOR® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 30,000 Members.
The term REALTOR® is designated to members 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 and the GTA, local REALTOR® belong to the Toronto Real Estate Board, Canada’s largest real estate board, serving more than 30,000 Members.
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