Toronto, Canada, November 9, 2015 – Braden White (www.BradenWhite.com), a Toronto luxury real estate sales representative with Chestnut Park Real Estate Ltd., is weighing in on the need of Torontonians looking to buy propertyto sign a buyer representation agreement (BRA) with their agent rather than go without a contract.
A buyer representation agreement is a contract that sets out the terms of the relationship between the client and the agent: this includes details about the properties that will be shown, commission details, duration, and other key elements. A BRA also formally begins a broker-client relationship and ensures a broker will respect confidentiality and heeds the client’s wishes. (Source: “The Buyer Representation Agreement,” Toronto Real Estate Board web site; https://www.torontorealestateboard.com/buying/buying_&_selling/buyer_agency.htm, last accessed November 5, 2015.)
“The agreement enables clients to know that they are getting guaranteed, dedicated service and enhanced assistance from their agent and brokerage based on a contractual agreement. However, some buyers don’t truly understand the purpose and benefits of a BRA,” says Braden White. “The problem is that some agents don’t always fully explain the purpose of a BRA and the benefits that it provides to both the buyer and the agent. There are also many cases when the client signs the BRA without fully reading all of the details. The lack of explanation by an agent combined with the negligence of signing a contract without fully reading it by the client can cause problems for both the client and the agent.”
The best approach to sign a BRA as soon as a client has decided to work with an agent for the long run and sign it before any offers are made on a property. This prevents feeling pressured and gives time to properly understand and make changes to the agreement.
“The key is to recognize that a BRA is a contract that is used to protect not only the agent but the buyer. It ensures that the client receives the services they expect and that the agent receives the appropriate compensation for the services they provide,” White concludes. “Being clear and working out these terms formally in a BRA enables clients to receive dedicated service to improve the results of their search for a new property.”
Braden White is a licensed real estate agent with Chestnut Park Real Estate Ltd., the exclusive affiliate of Christie’s International Real Estate in Toronto. He works to find ideal and affordable housing and rental options and aids sellers, buyers, and renters. To contact Braden White, call 416-925-9191 or visit www.BradenWhite.com.