One of the largest and single most expensive purchases one makes is the buying of a home. Home Buying in Toronto Made Simple: Part 1 is a proven method that I use with my clients to help the process be less stressful and an enjoyable experience. Whether one is buying a new first home, luxury home, country cottage or estate, condo or a pied-a-terre, or even just moving up or downsizing, the stress level rises. My job, as a Real Estate Professional, is to help make this transition as easy and pleasant as possible. Home Buying in Toronto Made Simple: Part 1 begins with a meeting between the client and myself. At this meeting, we adress all the questions and concerns regarding the finding of a new home. Neighbourhood, number of bedrooms, garage, lot size, schools, transportation and price range. I also go over the Buyer Representation Agreement that is to be signed between the Buyer and myself and my Brokerage.
It is important to sign this Buyer Representation Agreement in order for the Buyer’s interests to be protected and for the Real Estate Professional to have a contract that basically hires them to find the new home for the Buyer. By signing this Agreement, there are some benefits to both parties:
1.The Buyer is reassured about the duties that the brokerage owes to the buyer. Included in these duties is full disclosure of all property information known to the brokerage about a particular property.
2. By signing a Buyer Representation Agreement, the Buyer receives expert professional advice from your Realtor of choice.
3. As well there is a program offered by The Toronto Real Estate Board that has a Buyer Registry Service where your “wish list” can be registered and other realtors then can see if a home that they have listed meets the Buyer’s criteria. This works for both the Buyer Representation realtor and other realtors that have registered their clients and properties.
The Buyer Representation Agreement signifies that for a designated period of time, the buyer has engaged a specific Realtor and Brokerage to work exclusively on his or her behalf at finding a property. This Agreement confirms the Realtors’ commitment to make his or her best efforts for the Buyer.
So, what is The Buyer Representation Agreement in a nutshell? The Brokerage and Realtor promises to provide a set of services and owes the Buyer a number of fuduciary duties such as confidentiality, and full disclosure. In return the Buyer agrees to work exclusively with the Brokerage and the Realtor in their search for a home. This Agreement also specifies the geographical boundaries, the type of property and the commission that the Brokerage will receive. In Toronto, this commission is typically paid by the Listing Brokerage or the Seller.
There are two exceptions to the full disclosure given to the Buyer when the Buyer Representation Agreement is signed. First, if I know the price the Seller would accept or a Buyer will pay, I cannot share that information and Secondly, if I know the motivation for the Buyer or Seller in Buying and Selling, I cannot share that information.
My next Blog will continue with Home Buying in Toronto Made Simple: Part 2. If you have any questions about Home Buying in Toronto, please feel free to contact me, Susan Macarz, Broker, Re/Max Ultimate Realty Inc., Brokerage by email: email@example.com or visit my Web site: www.susanmacarz.com