When selling a a home, most people are aware they sign a Listing Agreement with a Realtor.  There is, however, an agreement that Realtors are now asking their home buying clients to sign.  It's an agreement that works in favour of the Buyers, guaranteeing the very best in real estate service.

The Real Estate Council of Ontario (RECO), a public agency formed to protect consumers and regulate the industry, introduced guiding principles mandating that Realtors ask their clients to sign a written representation agreement at the earliest possible time.  (Click here to see an example of the Buyer Representation Agreement) 

The Buyer Representation Agreement signifies that for a designated period of time, the Buyer has engaged a specific Realtor to work exclusively on his or her behalf at finding a property.  The agreement confirms the Realtors commitment to make his or her best efforts for the Buyer.

Question:  If I sign a Buyer Agency Agreement, how long am I under contract with the agent?

Answer:  There is an "expiration date" on the agreement.  Be sure that you are comfortable with the time period because it is a legally binding agreement once you sign.

Question:  Before I choose an agent to represent me, what are the questions I should ask?

Answer:  You can ask the following questions:
             - Are you a full or part time agent?
             - How many years experience do you have?
             - When are you available to show me homes?
             - How are you compensated?
             - What is the best way to contact you?  ie. cell phone, e-mail, office

Question:  Can a Buyer's Agent tell me if I'm paying the right price for a home?

Answer:  Yes, the agent can do a research for previous sales to determine the value in the neighbourhood.  Based on the report, the agent can recommend the price you should pay.