Ontario Real Estate Association Buyer Representation Agreement

There are many important papers that are part of buying or selling a property in Ontario. While real estate forms may vary, the Ontario Real Estate Association (OREA) has developed a series of standard forms, often used for the resale of rents and residential and commercial sales; The standard forms are then adapted to the individual situation. Today I will look at each form and explain what they mean. Do you want more resources for home buyers or help with preparation to sell your property? Sign up for my monthly newsletter and access my library with free real estate resources for home buyers and home sellers in Ontario! Feel free to contact me for questions about the Hamilton real estate market and how I can help you in your real estate journey. A BRA may have a period of time, but if it lasts more than six months, you are asked to start the expiration date in addition to your signature on the document. This is to make sure you understand the length of the agreement. In addition, a Holdover clause can bind you to brokerage for a long time, even after the formal run of the BRA. If you are buying a home that was shown to you by the brokerage company when the BRA was in effect, you may still owe a commission to the real estate agent depending on when you make the purchase. The duration of the Holdover clause must be clearly stated and agreed upon by you and the real estate agent. The deadlines set for this agreement are important, i.e.

if an agreement expires at 10 a.m., it cannot be accepted at 10:01 a.m. (z.B.). You can expect the ARO to include a commission clause. Although brokerage commissions are often paid by the seller after a deal is concluded when the ARO has a commission clause indicating a minimum remuneration (hypothetically: a certain percentage of the purchase price or a certain amount) and the seller pays your seller`s intermediation less than that amount, you may have to pay the difference out of your pocket. This is something you need to understand and discuss with your broker to make sure that what you need in different circumstances is clear. Your realtor then adjusts these forms to you as a home buyer or home seller, but they can be confusing, especially for those who are buying a home in Ontario for the first time! 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: -Because your agreement between you and your brokerage broker (not between you and your real estate agent himself), it is important to work with a broker who puts your best interests first and who negotiates for you, not just to get the best commission or close a sale quickly! A Buyer Representation Agreement (BRA) is a contract that requires you to work exclusively with a real estate agent for an agreed period if you are in the market to buy a home. You don`t need to sign an ARA, and if you do, you don`t have to actually buy a house for the duration of the contract.