Reco Buyer Representation Agreement

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16. What is the purpose of the bond? Answer: The down payment indicates the buyer`s commitment to the seller to complete the purchase. The Record broker may even agree to terminate your agreement. But remember: the BRA may contain an overcrowding clause. This means that you may owe a commission to the broker if you decide to buy a property (within a specified period after the termination of the contract) that was shown to you by your seller when the BRA was still in effect. An A BRA defines the relationship between the buyer (you) and the real estate investment that works on your behalf. It establishes the type of property and geographic location for your potential new home, lists the services available, addresses the issue of the commission that can be paid to the number of brokers, and there is also the duration of the agreement. 8. What should be included in an agreement? Answer: Start date, expiry date, benefits to be provided, commitments to be paid, amount of commission/compensation, other agreed terms/services. 14. What is confirmation of representation? Answer: This is a form that will be signed before signing a purchase and sale contract (APS)/offer that will confirm which brokerage represents the buyer and seller and what type of representation (i.e. customer, unrepresented) is provided.

13. Is there a «cooling period» to terminate a replacement agreement? Answer: 7. Do I get a copy of an agreement I signed? Answer: Yes. You must have a copy. The Holdover RECO clause often receives calls from consumers about maintenance clauses in the agreements and what they mean. This is a legal issue and you should get legal advice if you have any doubts. Although there is no «standard» holdover clause, a holdover clause generally means that when a property is purchased or sold within «X» days after the contract expires, and without the help of the broker or seller, commissions can still be paid to that broker or seller. 12. I do not understand the representation agreement he or she has asked me to make. What am I supposed to do? Answer: If the broker can`t declare a contract to your satisfaction, don`t sign it until you understand it. You can contact the data broker or a lawyer to clarify the terms of the agreement. As a buyer, you are also responsible for your own due diligence.

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