WHAT’S THIS BUYER REPRESENTATION AGREEMENT (BRA)

It’s all over the news in the GTA advising Buyers to sign a BRA (Buyer Representation Agreement). Let’s be clear on this issue.  You are signing a contract with an agent to assist you in making the biggest financial decision of your life!  This contract binds you to this agent for a defined period of time.  This agent has legal fiduciary duties to you and is paid well for his / her job.  I was doing an open house a few weeks back and a professional looking lady came through with her mother.  We discussed the home, her requirements and the market in general.  She then volunteered to me that she had recently signed a Buyers Agency contract with an agent only to be told a week or so afterwards by the agent that “he did not work weekends!”  This left this woman to “go it on her own” all the while being legally obligated to this agent under contract!  It has been my experience that most Buyers sign these Buyer Agency contracts with an agent without a clearly defined understanding of what the agent is going to do for them under the contract.  How is the agent going to assist them in the biggest investment of their life.  It has also been my experience that in many, many cases the agent securing a signed Buyer’s Agency contract simply database the Buyer onto their automated inventory search and only get in touch with the Buyer in response the Buyer’s inquiry on such an automated selection.  The Buyer is doing all the work previewing listings and attending open houses without the agent with whom they have signed a contract!


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