BUYER REPRESENTATION AGREEMENT: BENEFITS OF SIGNING

Working with a real estate sales professional you can trust is the key factor

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. This document is known as the Buyer Representation Agreement (B.R.A.)

What is Buyer Representation Agreement (BRA)? 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.

What are the benefits of signing a Buyer Representation Agreement (BRA)?

• Reassurance of the duties the brokerage owes to the buyer.

• Included in those duties is full disclosure of all property information known to the brokerage about a particular property

• These duties help to ensure that you receive expert, professional advice from your REALTOR®

• A listing on the Buyer Registry Service, so selling REALTORS® can find you easily because your home “must-haves” can be registered

• Peace of mind that your best interests will be protected

• Diligent and attentive service

If I sign a Buyer Representation Agreement do I have to purchase a home? It’s important to note that, while a B.R.A. is an exclusive contract, there is nothing in the agreement that says you must buy anything. If you decide mid-contract that it’s just not the right time for you to purchase a home, no problem.

When is the best time to sign the Buyer Representation Agreement ? Generally, it’s best to sign a B.R.A. as soon as possible when you have found a real estate sales professional who you want to work with. Inevitably, it’s something you will have to do anyway if you are serious about buying property – any home buyer seeking representation with an Ontario REALTOR® must have an executed BRA prior to signing an Agreement of Purchase and Sale, otherwise the Buyer will be deemed to be representing themselves.