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Know your rights when buying
There’s been a revolution in real estate in recent years. Unfortunately, many customers are still in the dark about it. Ellen Roseman writing in Moneyville talks about working exclusively with a real estate agent to buy property and buyer agency agreements agreements.
Here's an example of her answers to frequently asked questions about a buyer’s relationship with a realtor:
Q: I was shocked to hear I had to sign a three-month exclusive contract with a real estate agent in order to submit an offer or even to look at property. This was supposed to cover the time and expenses in finding the right home. Do I have to sign?
A: No, you don’t have to sign an exclusive contract with a real estate agent when buying a home. It’s your choice.
The law requires buyers to sign a document, called Working with a Realtor, at the earliest practical opportunity. It’s better to have a conversation about it when you start looking at homes together, rather than in the hectic time before you submit an offer.
Having an exclusive contract, known as a buyer representation agreement (BRA), is just one of the ways you can work with a realtor. If you prefer not to sign, look for someone who won’t insist on exclusivity.
You can negotiate the contract terms, such as signing for a shorter period than three months (even a month or 10 days). You can limit the contract to a specific property, street or neighbourhood, if the agent agrees.
See article by Ellen Roseman in moneyville.ca
April 21, 2011 in Buying Toronto Real Estate | Permalink
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Comments
I just like the Singapore Property Agent...really awesome guys. Responsive & resourceful in helping us to find our dream home.
Posted by: Singapore Property Agent | Aug 23, 2011 11:56:33 PM
Many realtors will ask you to sign an agreement like that. If you trust your realtor there should be no problem in doing so.
Posted by: Carmen Brodeur | Jun 19, 2011 8:35:57 PM
Nice guide.. I'm Really enjoying all your post. And Yes your right we investors must have to know the rights, this business involved a lot of money and effort with this guide investors will become more knowledgeable before they go to a contract.
Markus
Queensland Properties Investments
Posted by: Investment Properties Queensland | Jun 14, 2011 11:14:18 PM
very usefull news to in thsi blog...
Posted by: kurt penberg | Jun 6, 2011 2:22:31 AM
Great information on real estate. It is also important for the buyer.
Posted by: Real Estate India | May 30, 2011 7:33:32 PM
Great article... thanks for sharing.
Posted by: Austin Homes | May 20, 2011 8:05:26 AM
Buying a home is the biggest purchase most of us will make in our lives.
Posted by: Singapore Property Agent | May 13, 2011 10:53:51 PM
Do I HAVE to sign?
What kind of stupid person is this? I should go tell them I'm a certified wallet and purse inspector and they should hand them over....
Posted by: Geoff | May 4, 2011 9:17:10 AM
It is amazing how many people miss out on obvious aids, because they simply had no clue that they were able to ask and request certain things. These tips should help many people.
Posted by: manhattan beach real estate | May 2, 2011 4:11:04 AM
Am a surprised to find somebody would be asking a new client to sign a 3 month agreement before showing them a home for sale. Around here Buyers Agreements are fairly rare and are often signed only when an offer is being made on a house or condo.
Posted by: LondonHomes | Apr 30, 2011 11:37:23 PM
Property Agent In Singapore make my dream home come true. Their service is very good. I will spread the news about their clean website. It looks very cool.
Posted by: destin florida real estate | Apr 30, 2011 6:08:21 AM
Very Informative! It's the right to know this righs!
Posted by: Las Vegas Foreclosures | Apr 29, 2011 4:21:33 PM
Property Agent In Singapore make my dream home come true. Their service is very good. I will spread the news about their clean website. It looks very cool. Thank you very much.
Posted by: Property Agent In Singapore | Apr 29, 2011 2:19:26 AM
Nice article Great tips for home Byers and new home Byers. Thanks its very helpful.
Posted by: Homes for sale | Apr 28, 2011 2:37:03 AM
Purchasing or buying property and house is very typical work. Real estate agents know about all ups and downs about document. This is not meant to give all responsibility to agent. You should also know about property documentation. According to above information, it is very help full for real estate buyer and seller.
Posted by: Dubai Real Estate | Apr 26, 2011 3:19:23 AM
Great information on real estate.
Looking forward to reading more!
Ta-tah!
Posted by: Real Estate Agent in Richmond | Apr 26, 2011 12:33:19 AM
Usually when i have folks sign a buyer's representation agreement, it is for a 6 month period but only applies to properties i show them.
Posted by: Austin Homes | Apr 23, 2011 2:53:31 PM
yeah it is also the right of the buyer to know while buying.
Posted by: Tayo | Apr 23, 2011 2:04:38 PM
It is amazing how many people miss out on obvious aids, because they simply had no clue that they were able to ask and request certain things. These tips should help many people.
Posted by: Jake | Apr 22, 2011 3:31:44 PM
Yes I too agree you can sign for shorter period of time for a month or say 10 days.
Posted by: Mortgage Brokers Toronto | Apr 22, 2011 4:54:11 AM
Thanks for sharing some valuable tips! I find it really helpful to me.
Posted by: burlington county real estate | Apr 21, 2011 9:55:26 AM
