What is a Buyer's Agreement?A Buyer’s Agreement, also known as a Buyer Representation Agreement, is an agreement between a buyer and a real estate salesperson or broker that defines the nature of the relationship. This agreement can be written, oral or implied. However, as per the Real Estate Council of Ontario (RECO), the governing body in Ontario, this agreement must be in writing and signed by both parties. For more information, visit RECO’s page: Buyer Representation Agreements: Understanding the fine-print |
|
When do I sign a Buyer's Agreement Form?This document is signed at the start of your relationship with your real estate salesperson or broker. |
|
What do I need to prepare my home for sale?Laws around dual representation vary by province in Canada. In Ontario, while it is permitted, there are specific laws on how this is carried out. A brokerage must inform clients about the situation early in the discussions, outlining the implications and challenges that may arise so the client is informed. For more information on Dual Agency and Multiple Representation, visit the Real Estate Council of Ontario’s page: Multiple Representation. |
|
Can a real estate agent represent a buyer and seller?These terms are often intertwined, but there is a difference between a salesperson, broker and REALTOR®. The difference between a Real Estate Salesperson and a Real Estate Broker is education and experience. A salesperson can achieve broker status by completing additional education, allowing them to open or manage a brokerage. A REALTOR® is someone who is a member of the Canadian Real Estate Association (CREA). The term REALTOR® is a registered trademark of the association. The he salesperson or broker must be in good standing with CREA to use the mark. |
|
What is the difference between a real estate salesperson, a broker and a REALTOR®?These terms are often intertwined, but there is a difference between a salesperson, broker and REALTOR®. The difference between a Real Estate Salesperson and a Real Estate Broker is education and experience. A salesperson can achieve broker status by completing additional education, allowing them to open or manage a brokerage. A REALTOR® is someone who is a member of the Canadian Real Estate Association (CREA). The term REALTOR® is a registered trademark of the association. The he salesperson or broker must be in good standing with CREA to use the mark. |
|
What is buyer fatigue?Buyer fatigue can happen when a buyer cannot close on a property after all efforts to research, search, and negotiate for a property. With the highly competitive nature of real estate, buyer’s fatigue can lead to frustration and impact your decision-making process. Working with your real estate professional is imporant to help keep you on track. A qualified professional will keep you focused on finding the right home for you, providing a voice of reason and helping you manage your expectations. |
|
What is a posession date?Often confused with closing date, which is the date to which ownership and title are transferred, possession date refers to the date that new homeowners take actual possession of the property. The possession date often occurs the day after closing, but this can vary based on what is agreed to in the Agreement of Sale. Speak to your real estate salesperson or lawyer to ensure you understand what date you are legally taking possession of your property. |
|
Should a homeowner get a pre-approval for a mortgage?Yes, it is recommended that you get a pre-approval for a mortgage before you begin your search for your new home. Typical pre-approvals are valid for approximately 60-90 days, and can be helpful when negotiating with a seller. This information helps buyers understand what they can afford and base their search within their budget. |
|
| We have answers to your questions and can walk you through the process. Please contact a top agent in Ontario today.
|
|
| Contact an Experienced Agent
|
|