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 17 - EXECUTION by BUYER

April 16, 2015 - Updated: April 16, 2015

 

Buyer Representation Agreement Explained (Ontario) Part 17 –EXECUTION by BUYER

 

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

 

THIS AGREEMENT HAS BEEN READ AND FULLY UNDERSTOOD BY ME AND I ACKNOWLEDGE THIS DATE I HAVE SIGNED UNDER

SEAL. Any representations contained herein are true to the best of my knowledge, information and belief.

 

SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal:

 

 

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

(Signature of Buyer) (Seal)                                               (Tel. No.)

 

 

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

(Signature of Buyer) (Seal)                                               (Tel. No.)

 

 

Part 17 review

 

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

 

The first part of this statement is published in BOLD print and every word is capitalized, so this must be very important.

 

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

 

THIS AGREEMENT HAS BEEN READ AND

 

This is an important statement. It’s a two page document. It takes some time to read it. It takes some time to understand it, and exactly what it says. So, an agent couldn’t just flip it around and say “sign here”. Just exactly how long do you think it would take someone to read this? And, Just exactly how long do you think it would take someone to understand this?

 

Careful and best practices would require more than sufficient time to be devoted to the “reading”.

 

FULLY UNDERSTOOD BY ME AND

 

That’s certainly a leap of faith. Without any explanation whatsoever, most consumers would have some difficulty understanding the document. But, here, they do in fact CONFIRM that they understand it.

 

Careful and best practices would suggest that the agent here ask if there are “any questions”, and ultimately “any further questions”. Once a negative response is offered, that comment should be noted before the agent moves on to the next step.

 

I ACKNOWLEDGE THIS DATE I HAVE SIGNED UNDER SEAL.

 

The agreement is being signed under seal. That means it’s binding and cannot be withdrawn, in most situations. Here the sales professional will sign on behalf of the Brokerage, although they may not be authorized to sign a release or cancellation of the same agreement. So, they don’t need to take it back to get it signed. During that period, if the Buyer had not signed under seal, the Buyer could change his mind. The technical distinction is more imaginary than real.

 

 

Any representations contained herein are true

 

I suppose there should be some representations. Unless they are contained in the schedules, then there aren’t any. There are statements, warranties, agreements, acknowledgements and consents, but “no representations”. But, it’s good to know that they are true.

 

to the best of my knowledge, information and belief.

 

 

This is the usual modification. But this really still requires some effort. This is not just a foolhardy statement. There is an obligation to make some reasonable inquiries here. You can’t just say, “…I don’t know, and I don’t care…”.

 

SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal:

 

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

(Signature of Buyer) (Seal)                                               (Tel. No.)

 

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

(Signature of Buyer) (Seal)                                               (Tel. No.)

 

So, while the Brokerage was not expected to sign under seal, this is nevertheless a requirement of the Buyer.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


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