Representation Series: Buyer Representation Agreement in Ontario (Form 300)
In this episode I explain the new legislation, TRESA (Trust in Real Estate Services Act), which aims to provide greater transparency in real estate transactions. I go into detail regarding the major sections of the RECO Information Guide which is now 11 pages long and provides detailed information about agency and consumer expectations. I then focus on the Tenant Representation Agreement - Form 346, explaining its components, including the name of the Brokerage, the designated representative, the start and expiry dates, and the property type. I also discuss the commission structure, the relationship between the tenant and the brokerage, and the concept of multiple representation. Finally, I mention the use and distribution of personal information and the declaration of insurance.
Form 300 is a contract between a Buyer and a real estate company and its designated representative that gives the real estate company permission to act on the Buyer’s behalf in the purchase of a property. Assuming the Buyer is a Client of the real estate company, the Real Estate Council of Ontario (Ontario’s governing body) TRESA General Regulation requires that Salespeople have a written Buyer Representation Agreement presented for signature prior to an offer being presented on behalf of the Buyer. TOP SECTION OF THE AGREEMENT: The section at the top identifies the parties involved in the Agreement and sets the time frame for which the contract is valid. The TRESA Code of Ethics requires the Buyer’s initials on this Form.
The Buyer is warranting that the Buyer has not entered into any buyer representation agreement with another brokerage.
The Buyer hereby warrants that the Buyer is not a party to a representation agreement with any other registered real estate
brokerage for the purchase or lease of a real property of the general description indicated above (the section that describes the type and geographical location of the real property).
Important:
COMMISSION: This section of the Agreement sets the structure for the commission to be paid to the real estate company. It states that
the Buyer agrees to pay a commission to the real estate company the detail of which is set out in this section. The real estate company is
entitled to commission when the Buyer enters into an agreement to buy or lease property. The Buyer agrees the commission may come
from a listing brokerage or from the seller. If it turns out that there isn’t enough the Buyer will make up the difference.
2. COMMISSION: In consideration of the Brokerage undertaking to assist the Buyer, the Buyer agrees to pay commission to the Brokerage as follows:
If, during the currency of this Agreement, the Buyer enters into an agreement to purchase or lease a real property of the general description indicated
above, the Buyer agrees the Brokerage is entitled to receive and retain any commission offered by a listing brokerage or by the seller.....
YouTube Video - Buyer Representation Agreement Form 300 Explained
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