Tenant representation agreement, 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.
This Form is a contract between a Tenant and a real estate company that gives the real estate company permission to act on
the Tenant’s behalf in the lease of a property. Assuming the Tenant is a Client of the real estate company, the Trust in Real Estate Services Act,
2002 (TRESA) General Regulation requires that Salespeople have a written Tenant Representation Agreement presented for signature prior to an offer being presented on behalf of the Tenant.
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 General Regulation requires the Tenant’s initials on this Form.
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This is an Exclusive Tenant Representation Agreement, Authority for Lease or Purchase.
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