Buyer Representation Agreements
Did you know all realtors work on behalf of the seller of a home and not the buyer? This is true, unless you are working with a Realtor under a Buyer Representation Agreement
Buying a Cottage, or Home or investment property can be one of the largest investments we all make in our lifetimes, You want your interests to be represented and protected
By law, all realtors showing you a property, work in the best interest of the seller unless you sign a Buyer Representation Agreement with a realtor who will work exclusively on your behalf during a home purchase. Without it, under the law of the agency, realtors must pass on any information that may influence the home-buying negotiations to the sellers of the home that their customers are bidding on; even how much they would pay for the home or any of their motivations!
You now have two choices under Agency relationships customer relationship or client relationship.
Customer Service Agreement is a disclosure form that states that the realtor is NOT working for you as a buyer, but is providing customer service (fair and honest treatment, factual information about the property that is not visibly evident and to answer any questions you ask about the condition of the property) to you.
Buyer Representation Agreements states that the realtor is working for you and that you are bound to that realtor for the term of the agreement with a holdover period. In this case, your realtor is bound to you with fiduciary duties: loyalty, obedience, full disclosure, duty to use skill, care and diligence, duty to account for all monies and to protect your information. A very important fact is that it also allows the realtor to share his/her expert opinions, giving you full advantage of their knowledge and expertise. It now is their duty to you their client to answer questions that you may not even know to ask and a realtors accountability to you, the client, is now is paramount.
In the Buyer Representation Agreement nowhere does it state that you have to buy anything. It only states that if you do that you will use this particular brokerage and that they will be compensated for the service provided.
REMEMBER a realtor gets paid via commission that comes from the seller’s listing agent. Unless it states clearly on the customer service commission agreement how much you will pay the realtor.
How do you become a client?
The buyer sign an exclusive Buyer’s Representation Agreement with a realtor. Usually, the buyer agrees to work with the realtor for a specified period of time and the realtor agrees to represent the buyer’s interests to the fullest.
Why not protect your interests?
Hire the person with the most knowledge to work on your behalf and to do it at no extra cost!
The document should not be slipped into a stack of paperwork during an offer on a particular property, it's a little late in most cases. This should be discussed at the first opportune time, Before you start looking at properties, so that you understand that I am working for you!
If you have any questions, please give us a call, we would be happy to guide you.
Investment in Affordable Housing
Homeownership Program Application
The Homeownership Program is designed to provide renters with a loan, up to 5% of
the purchase price, to assist them in purchasing their own home. The program assists
eligible applicants in the purchase of a home that does not exceed the purchase price of
$221,000. Deadline for the program is December 31, 2014 or until funds are
Approval for funding is based on the information provided by applicants and conditions
for the funding include, but are not limited to the following:
Applicants must be Canadian Citizens, Landed Immigrants or have Refugee
At least one person must be 18 years of age
Applicants must not owe arrears to any social housing provider
Applicants do not currently own a home and are renting
Applicants do not have assets over $30,000
Applicants have a maximum household income of $66,200
Applicants will use the purchased home as their sole and principal residence
Applicants qualify for a mortgage
A home inspection must be completed for the home being purchased
JUST DROP US LINE AND LETS GET THINGS STARTED FOR YOU