Your real estate professional
may ask you to sign a representation agreement, a document that defines the
nature of the relationship between you and the brokerage, including the broker
or salesperson. It should protect the interest of all parties.
Before you sign:
Clarify your needs and expectations
Ask what your broker or salesperson expects from you
Discuss what services they will provide
Clarify fees and costs
Check that the timeframe of the agreement is appropriate for your needs
Confirm that the geographic area covered by the agreement is appropriate based on the brokerage’s expertise
Ensure you understand the agreement
Don’t sign it if you don’t understand it
Never sign an agreement unless
you know what all the clauses mean and how long it will be in effect. Ask
questions. And feel free to seek legal advice.
Keep a copy
Once you’ve signed an
agreement, make sure you get your own copy. Keep your copy on file in case you
need it later.
Multiple representation means that a brokerage is representing more than one interested party. This could be the seller and the buyer of a property, or two buyers interested in the same property. Your broker or salesperson must disclose in writing when a multiple representation situation arises.
Before agreeing, ask questions
and make sure you are comfortable with how it may affect the services provided
Buyer representation agreements typically include a “holdover clause”. Generally, it means that within “X” days after the agreement expires (the “holdover period”) if you buy a home that was introduced to you during the term of the agreement, you would be responsible for paying commission to your brokerage. The length of the holdover period is negotiable.
Content courtesy of http://www.reco.on.ca
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