What Is A Buyer Representation Agreement?
A Buyer Representation Agreement sets out and defines the duties and responsibilities between you, the client, your Brokerage and your Realtor while negotiating the purchase of Real Estate. There are two types of service legally recognized in Ontario. Customer Service and Client Service. There are fundamental differences between the two. As part of our business we require that our customers and clients read and understand what constitutes client service as opposed to customer service.
Is A Buyer Representation Agreement The Same As Buyer Agency?
Yes. While the term “Real Estate Agent” has become popular in Toronto and Canada it is actually used incorrectly. All realtors must work with a licensed Brokerage. When you sign a BRA (Buyer Representation Agreement) with us we are acting on behalf of our Brokerage, REMAX Hallmark. Our Brokerage becomes your “Agent” with us, Pat Simmonds Real Estate Services, representing our Brokerage. We are held accountable to the act “REBBA 2002” which guarantees your rights at law. We take our responsibilities very seriously.
Do I Have To Sign A Buyer Representation Agreement?
In a word, no. Nobody has to do anything. Signing a BRA is entirely up to the person who is looking to buy a house. However, if you want a real estate practitioner or broker to act on your behalf and they ask for a BRA then yes, be prepared to sign, but ONLY if you trust them.
How Does A Buyer Representation Agreement Benefit Me, the Buyer?
There are many legal layers to a BRA. The fundamental responsibility lies with your agent acting on your behalf, in your best interests. It’s called “Fiduciary Duty”. As Realtors we are bound to the Act: REBBA 2002. Fiduciary Duty is the same principle that governs Lawyers and Chartered Accountants. We recognize that substantial sums of money are on the table and we are responsible for acting in our clients’ best interests.
Can I Get Out Of A Buyer Representation Agreement?
Yes. You can cancel a BRA at any time. Tell your agent that you want to sign a release form asap. Do not get bullied or put off. Legislation is firmly on the side of the consumer, however, if you choose to act in bad faith then you lose that right. It is a fundamental point of law. There is a provision called the holdover period that disqualifies buyers from using an agent to introduce them to a property and then firing the agent to make a private offer on the same property. Just make a private offer. Don’t waste Realtors’ time.
How Long Does A Buyer Representation Agreement Last?
We typically ask our clients to sign a BRA for 3 months. However, we will also ask customers to sign a BRA per house visited if necessary. The length of time that you are being asked to sign for is entirely up to you.
How Do We Use Buyer Representation Agreements?
At the Pat Simmonds Real Estate Services office we are guided by this principle:
Your success is our success
When you sign a BRA with us we will go to work for you to guarantee you the best possible experience in your Real Estate venture. We want to ensure your success. Your success is our success. If, at any point, you are dissatisfied with our services we ask only that we sit down and fix the problem. If, after that, you are still dissatisfied we will tear up any agreement we have.
At Pat Simmonds Real Estate Services we only want to work with clients who believe in what we do and who get real, beneficial results. We do not want to work on behalf of clients who don’t trust us or understand what we do. We take our business seriously. How to find a great Real Estate Agent in Toronto is all part of the process, read this blog for our tips and tricks.