Listing Agreement Landlord Representation, a part of the Representation Agreement series.
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 210 is a contract between a Landlord and a real estate company that gives the real estate company permission to act on the Landlord’s behalf when they offer their property for lease in the open market. A written agreement is necessary in order to secure commission and to ensure compliance with the Trust in Real Estate Services Act, 2002 and its Regulations. This section of the Agreement identifies the parties involved and specifies the time period for the contract.
There is also a statement in the form of a representation or warranty stating that the Landlord is not party to another contract whether a Listing or an agreement to pay commission.
YouTube Video - Landlord Rep Listing Agreement
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