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INFORMATION ABOUT THE EXCLUSIVE BUYER’S AGENT CONTRACT

THIS INFORMATION IS INCLUDED FOR THE ASSISTANCE OF THE PARTIES ONLY. IT DOES NOT FORM PART OF THE CONTRACT AND SHOULD NOT AFFECT THE PROPER INTERPRETATION OF ANY OF ITS TERMS.

The Exclusive Buyer’s Agent Contract when signed by both parties is a legally binding contract. READ IT CAREFULLY. The parties should ensure that everything that is agreed to is in writing.

Buying real estate can be a very rewarding experience. Property owners generally experience pride of ownership and in many cases a financial gain over the long term. The process of buying real estate is relatively complex and for this reason many buyers seek the help and professional expertise of a licensed real estate agent. It is recommended that the relationship between the buyer and the real estate agent should be in writing in the form of a Buyer’s Agent Contract. This will ensure that both parties will have a complete understanding of their rights and responsibilities. Each party will know what they can expect from the other and what is expected from them. This is similar to the common practice of sellers entering into a listing contract when selling a property. Real estate agents cooperate with each other to bring buyers and sellers together. This cooperation will help bring you the best selection of properties which meet your individual requirements. The topic of compensation to the real estate agent should be thoroughly discussed. The discussion should include the amount of compensation, sources of payment and when the payment is to be made.

REALTORS are trained to provide valuable assistance to buyers in the following areas:

  1. Identifying desirable types of properties to acquire
  2. Locating properties available to view and consider
  3. Preliminary investigation and timely information gathering
  4. Viewing properties and providing guidance and advice
  5. Selecting the right property on which to make an offer
  6. Preparing a legally binding Contract of Purchase and Sale
  7. Negotiating favourable terms and conditions
  8. Assisting in arranging suitable financing if necessary
  9. Assisting in arranging property inspections and other needed services
  10. Assisting in the completion and possession process

These and other services can be documented on a schedule attached to the contract.

 
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