When a buyers start looking for a home with a Realtor they should know what Realtor obligations are towards them. Chart below shows the difference in the Realtor obligation with and without buyer agency agreement signed. It is highly recommended that buyers DO sign buyer agency agreement. If they do not feel comfortable to sign buyer agency agreement (also called buyer representation agreement) for extended period then they should at least have it signed for a short time. Then their interest are being protected and they can be assured that Agent IS actually working for THEM. Every Real Estate Agent in Ontario is obligated to explain to the buyer customer and client agency, the difference between them as well as fine print of the buyer agency agreement.
Below you can download
Buyer Agency Agreement Explained in Easy Terms. SHOULD YOU HAVE ADDITIONAL QUESTIONS REGARDING BUYER REPRESENTATION AGREEMENT OR ANY OTHER REAL ESTATE QUESTIONS CONTACT ME DIRECTLY BY PHONE OR BY EMAIL.
SIGNED BUYERS AGENCY AGREEMENT VS NO BUYERS AGENCY AGREEMENT Services & Duties Provided | Buyer's Agent Fiduciary Duties | No Buyer Representation | Honesty & Fairness | X | X | Accounting | X | X | Reasonable Care & Diligence – obey laws | X | X | Confidentiality | X | | Undivided Loyalty – work solely in your best interests | X | | Full Disclosure | X | | Advocacy - Must Act As Your Advocate | X | | Negotiate - best price & terms for you the buyer | X | | When Buyer Representation Agreement Is Signed My Fiduciary Duties Are: Undivided Loyalty - I Have To Work Solely In Your Best Interests. Obedience - I Have To Seek Out, And Obey, Your Lawful Instructions, Not Exceeding The Scope Of Authority You Give Me. Reasonable Care & Diligence - I Have To Protect You From Foreseeable Risks & Harm, And Recommend You Obtain Expert Advice Or Assistance. When Your Needs Are Outside The Scope Of My Expertise. Confidentiality - I Cannot Communicate Key Personal Information About You, Unless You Authorize Me To Do So. Full Disclosure - I Have To Disclose All Information To You About The Transaction Which May Affect Your Best Interests. Accounting - I Must Account For All Moneys Or Property Held On Your Behalf. Advocacy - I Must Act As Your Advocate. Inform - I Must Inform You Of Any Available Property, Regardless Of Fee Or Commission Payable To Me. Price - I Must Not Misrepresent To You The Market Value Or Likely Purchase Price Of Any Property. Without Buyer Agency Agreement signed My Duties Are: Honesty - Don’t misrepresent. Fairness - Explain the difference between customer and client. Accounting -I Must Account For All Moneys Or Property Held On Your Behalf. Reasonable Care & Diligence - Obey all laws pertaining to transactions. |