Buyer Representation Agreement Explained (Ontario) Part 2
The Parties
This is the commencement of the BRA document:
This is an Exclusive Buyer Representation Agreement
BETWEEN:
BROKERAGE..............................................., Tel.No. (.........).................................
ADDRESS......................................................., Fax.No.(........)..................................
hereinafter referred to as the Brokerage.
AND:
BUYER(S):..........................................................................................................., hereinafter referred to as the Buyer,
ADDRESS:............................................................................................................ Street Number Street Name
MUNICIPALITY:..........................................POSTAL CODE:........................
COMMENT
This is an identification of the parties to the agreement. There are several items to note:
- It is an EXCLUSIVE agreement
- There is only one agent, and that is the Brokerage
- There can be several buyers who have signed this same agreement
While it might seem somewhat odd, for this day and age, fax numbers are still noted. That is due to the fact that full negotiations by email for real estate transactions are not yet recognized in Ontario under the Electronic Commerce Act. In due course, this will change, but at the moment there are still serious restrictions. Changes were proposed and the Bill passed Third Reading on 13 June 2013. We are still awaiting the final step, namely proclamation.
You will note that there could be an interesting issue here. You like “John Smith of ABC Realty Inc., Brokerage, but selection John Smith is not really an option.
Clearly, if you want John Smith and no one else, then you are going to have to amend this provision. And, if you are John Smith and want to transport your new clients to your new Brokerage, you will have to have an amendment here too.
Brian Madigan LL.B., Broker
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