Our broker works in good faith with the buyer until he is ready to submit an offer. Ultimately, the process requires us to enter into a buyer`s representation contract with the buyer. The buyer is not liable for direct commission fees if he makes an agreement to represent the buyer with our broker. Even if our brokers do not find a suitable property for the buyer, the commission is not paid. If the buyer makes a successful offer, the commission is paid by the seller. Whether you buy or sell a home in Ontario, there are always agreements between you and the broker (not between you and the broker) – The Ontario Buyer Representation Agreement is the agreement between you (the buyer) and your agent`s brokerage. It confirms the terms of your relationship, the commission paid if you buy a property during the term of the contract, the role of the agent and what happens when they also represent the seller. If you sign a BRA, it means that the agent will be: it`s the Biggie! The buy and sell agreement is the real deal for you to buy a home! In Ontario, a real estate transaction must be done in writing to be legal, so it is the most important legal document that defines the terms of your offer to purchase. There is a version of the home purchase form (form 100) and a version for condos (form 101). The main unprinted parts of the purchase and sale contract are: As a customer, you can be a home buyer or a home seller. Representation agreements are in the form of a list agreement or a buyer representation agreement.
Whereas in a customer relationship (as a homer or homer seller), brokerage must protect the client`s interests and not disclose confidential information. Confirmation of cooperation and representation or Form 320 is submitted to the parties in the case of a real estate transaction before the bid or sale and sale agreement is submitted. Confirmation of cooperation and representation is presented, discussed and signed by all parties prior to the offer. Because your contract is between you and your broker broker (not between you and your realtor himself), it`s important to work with a broker who puts your best interests first and negotiates for you, not just to get the best commission or close a sale quickly! On the other hand, the seller is often surprised when the purchase and sale agreement is given to them. Finally, this buy-and-sell agreement may seem sudden and unexpected.