Which clause can be found in the buyer representation contract: exclusive?
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A Buyer Representation Agreement (BRA) turns a customer into a client of a real estate agent. A Buyer Representation Agreement (BRA) is a written contract between you and your real estate agent that confirms your business relationship. It is an important document that outlines the services your real estate agent provides and what your real estate agent expects from you. This includes:
Your real estate agent will ask you to sign a BRA before making a purchase offer on a house. You are required by law to sign a BRA when working with a real estate agent. When shopping for homes, you should also make sure to get the best home insurance policies. Standard Buyer Representation Agreement FormsThe forms listed below are posted by provincial real estate associations and serve as standard BRA contracts. ProvinceAssociationBRA ContractAlbertaRECAExclusive Buyer Representation AgreementBritish ColumbiaRECBCDisclosure of Representation in Trading ServicesManitobaMREAAcknowledgement of Limited Joint RepresentationNew BrunswickNBREANot AvailableNewfoundland and LabradorNLARExclusive Buyer Brokerage ContractNova ScotiaNSRECAgency Disclosure Information for Buyers and SellersOntarioOREABuyer Representation AgreementPrince Edward IslandPIEREANot AvailableQuebecOACIQExclusive Brokerage ContractSaskatchewanSRECNot AvailableShould I sign a buyer representation agreement?A Buyer Representation Agreement (BRA) is a legal requirement if you want to work with a agent. You should never sign a contract that you do not fully understand, so make sure that you ask questions and accept every point in the BRA. Only sign a BRA if you agree with all the terms and you want the real estate agent to represent you. By signing a BRA, you give up certain privileges and you gain some benefits: Advantages Disadvantages
Advantages
Disadvantages
How long does a buyer representation agreement last?The contract length is one of the first things included in a BRA. During the contract duration, your real estate agent is entitled to a commission on home purchases and must work in accordance with the terms set by the contract. A BRA should have a clause that addresses exactly when the agreement begins and when it expires. You are not required to buy a home or place a purchase offer during the contract duration. For example, this is the duration clause in the Ontario Real Estate Association’s (OREA) Buyer Representation Agreement: The expiration can be set at any date, but if the contract length exceeds six months, the buyer must initial the document. This rarely happens, so these initials are usually omitted. Holdover ClauseThe holdover clause designates a period of time as the “Holdover Period”. During this period, which typically lasts between 30 and 90 days, the agent is entitled to a commission on a home purchase or lease introduced to the buyer during the original BRA contract length. This means that your real estate agent may still receive a commission even after the contract’s expiration. You should ask if a BRA includes a holdover clause. Non-Exclusive Buyer Representation AgreementsNon-exclusive BRAs provide the same details as a regular BRA and they have a clause for commissions. However, the buyer may use any real estate agent to find a property and only the agent that found the property is compensated. The commission is often included in the purchase price and will always be paid for by the seller. This means that home buyers do not have to provide compensation to the real estate agent. Cancellation of Buyer Representation AgreementBuyer representation agreements are legally binding contracts so they are often difficult to cancel, but there are still many things you can do.
The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator. HOMEABOUT USCONTACT US "Our mission at WOWA.ca is to empower Canadians by providing accurate and intuitive financial tools & guides, along with market reports, so that everyone can make more informed financial decisions." What is the most common type of buyer representation agreement?Exclusive right-to-represent contracts. This is the most common buyer-broker agreement between home buyers and brokers. This agreement outlines the obligations of the broker, the broker-agent relationship, and the responsibilities of the buyer.
What's the purpose of a buyer presentation?A buyer presentation is a short, semi-formal presentation that buyer's agents deliver to leads in order to build a foundation for a professional relationship. Agents use buyer presentations as a way to learn more about what leads really want, as well as set expectations for the market and the buyer/agent relationship.
What's the purpose of a buyer presentation quizlet?Conducting an effective buyer presentation helps to establish a good foundation with a prospective buyer client.
Which of the following is a role of an agent who's assisting the buyer but representing the seller?The subagent works for a real estate company different from the company for which the seller's agent works. The subagent can assist a buyer in purchasing a property, but his or her duty of loyalty is only to the seller.
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