Buyer Representation Agreement Explained (Ontario) Part 11 CONSUMER REPORTS
Here is the portion of the paragraph dealing with Consumer Reports.
7. CONSUMER REPORTS: The Buyer is hereby notified that a Consumer Report containing credit and/or personal information may be referred to in connection with this Agreement and any subsequent transaction.
Part 11 review
I will break up the paragraph and offer my commentary in “italics” as usual.
7. CONSUMER REPORTS:
The Buyer is hereby notified that a Consumer Report
This is notification in advance that a credit check is part of the process. Often, consumers will be both surprised and annoyed. That may be the reason why this section in its entirety is published in BOLD print.
containing credit and/or personal information
The two aspects of the consumer report are credit information and personal information.
may be referred to in connection with
In some cases, the Brokerage and the Sales Professional will undertake a review. If the credit status requires some repair, then perhaps matters should be delayed, or the credit score should be increased, or secondary lenders should be lined up at the outset.
this Agreement and
Not every Brokerage will take this investigation step at the outset.
any subsequent transaction.
This is the reference to the deal. If the buyer puts in an Offer subject to financing, then all the issues will surface at that time. So, oftentimes, it is better to have a head-start.
Brian Madigan LL.B., Broker