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

 

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Buyer Representation Agreement Explained (Ontario) Part 2 PARTIES

April 6, 2015 - Updated: April 7, 2015

 

Buyer Representation Agreement Explained (Ontario) Part 2

 

The Parties

 

This is the commencement of the BRA document:

 

This is an Exclusive Buyer Representation Agreement

 

BETWEEN:

 

BROKERAGE..............................................., Tel.No. (.........).................................

 

ADDRESS......................................................., Fax.No.(........)..................................

hereinafter referred to as the Brokerage.

 

AND:

 

BUYER(S):..........................................................................................................., hereinafter referred to as the Buyer,

 

ADDRESS:............................................................................................................       Street Number                                                  Street Name

 

MUNICIPALITY:..........................................POSTAL CODE:........................

 

 

COMMENT

 

This is an identification of the parties to the agreement. There are several items to note:

 

  • It is an EXCLUSIVE agreement
  • There is only one agent, and that is the Brokerage
  • There can be several buyers who have signed this same agreement

 

While it might seem somewhat odd, for this day and age, fax numbers are still noted. That is due to the fact that full negotiations by email for real estate transactions are not yet recognized in Ontario under the Electronic Commerce Act. In due course, this will change, but at the moment there are still serious restrictions. Changes were proposed and the Bill passed Third Reading on 13 June 2013. We are still awaiting the final step, namely proclamation.

 

You will note that there could be an interesting issue here. You like “John Smith of ABC Realty Inc., Brokerage, but selection John Smith is not really an option.

 

Clearly, if you want John Smith and no one else, then you are going to have to amend this provision. And, if you are John Smith and want to transport your new clients to your new Brokerage, you will have to have an amendment here too.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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