Understanding Why You Need a Buyer Representation Agreement

Posted: November 30, 2011 in Buyers, General Information
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Guaranteeing You the Very Best in Real Estate Service

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

 For more information on this important subject, call me, Dale Dyer,  your  local Cambridge, Kitchener-Waterloo REALTOR®. The term REALTOR® is designated to those 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.

Dale Dyer is a member of both The Real Estate Board of Cambridge and the Kitchener-Waterloo Association of Realtors.

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