Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

Search Blog

Search in:  
    
    
       

Sort by:

Buyer Representation Agreement Explained (Ontario) Part 16 - EXECUTION by BROKERAGE

April 16, 2015 - Updated: April 16, 2015

 

Buyer Representation Agreement Explained (Ontario) Part 16 –EXECUTION by BROKERAGE

 

Here is the portion of the paragraph dealing with the execution by the Brokerage.

 

THE BROKERAGE AGREES TO REPRESENT THE BUYER IN LOCATING A REAL PROPERTY OF THE GENERAL DESCRIPTION INDICATED ABOVE IN AN ENDEAVOUR TO OBTAIN THE ACCEPTANCE OF AN AGREEMENT TO PURCHASE OR LEASE A PROPERTY ON TERMS SATISFACTORY TO THE BUYER.

  

......................................... DATE......................  ..........................................

(Authorized to bind the Brokerage)                     (Name of Person Signing)

 

Part 16 review

 

I will break up the paragraph and offer my commentary in “italics” as usual.

 

This statement is published in BOLD print. Also, every word is capitalized, so this must be very, very important.

 

It is somewhat noteworthy that there is no title to this paragraph. I have just named it myself as “Execution by Brokerage”.

 

THE BROKERAGE AGREES TO REPRESENT THE BUYER

 

This is the fundamental nature of this agreement. It is “agency”, hence the reference to “representation”.

 

IN LOCATING A REAL PROPERTY OF THE GENERAL DESCRIPTION INDICATED ABOVE

 

The first step is the locating of the property as described.

 

IN AN ENDEAVOUR TO OBTAIN THE ACCEPTANCE OF AN AGREEMENT TO PURCHASE OR LEASE A PROPERTY

 

This is the purpose or the goal. It is rather oddly worded. The goal is to get the deal done, but, it’s described as an “endeavour”. But, it is an endeavour to obtain the acceptance of an Agreement of Purchase and Sale. Not to get too technical about this, but should it not read “offer”, so that it would say “…in an endeavour to obtain the acceptance of an Offer resulting in an Agreement to Purchase….”.

 

However, maybe in an agreement like this, we should get technical?

 

ON TERMS SATISFACTORY TO THE BUYER.

 

The deal which is struck, would at least have the objective of being on satisfactory terms. Naturally, the buyer may not be entirely pleased with the price and the closing date, but nevertheless, he would have agreed.

 

......................................... DATE......................  ..........................................

(Authorized to bind the Brokerage)                     (Name of Person Signing)

 

The next line is the signing line by the Brokerage. A signature and printed name should appear, and then the date should be inserted.

 

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: buyer representation agreement bra explanation ontario law execution
| | Share

Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

Powered by Lone Wolf Real Estate Technologies (CMS6)