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Buyer Representation Agreement

When selling a home, most people are aware they sign a Listing Agreement with  a REALTOR®. There is, however, an agreement that REALTORS® ask their home-buying clients to sign. It’s an agreement that works in favour  of buyers, guaranteeing the very best in real estate service.

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The Real Estate Council of Ontario (RECO), a public agency formed to protect  consumers and regulate the industry, introduced guiding principles mandating that  REALTORS® ask their clients to sign a Written Representation Agreement at  the earliest possible time.

When choosing representation, homebuyers have the option to sign either a Buyer Representation Agreement or a Buyer Customer Service Agreement.

The Buyer Representation Agreement signifies that for a designated period of  time, the buyer has engaged a specific REALTOR® firm to work exclusively on  his or her behalf at finding a property. The agreement confirms the REALTOR®’s  commitment to make his or her best efforts for the buyer.

By signing the Buyer Customer Service Agreement the buyer acknowledges  the Broker has provided him/her with written information explaining agency  relationships including Seller Representation, Buyer Representation,  Multiple Representation and Customer Service.

- Source: Toronto Real Estate Board