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 Representyation Agreement Explained (Ontario) Part 19 - ACKNOWLEDGEMENT

April 17, 2015 - Updated: April 17, 2015

 

Buyer Representation Agreement Explained (Ontario) Part 19 – ACKNOWLEDGEMENT

 

Here is the portion of the paragraph dealing with the Acknowledgement.

 

ACKNOWLEDGEMENT

 

The Buyer(s) hereby acknowledge that the Buyer(s) fully understand the terms of this Agreement and have received a true copy of this

Agreement on the …….......................................................…………. day of …………………......................…………, 20 …...........................………...

 

............................................................... Date:........................

(Signature of Buyer)

............................................................... Date:........................

(Signature of Buyer)

 

Part 19 review

 

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

 

ACKNOWLEDGEMENT

 

The Buyer(s) hereby acknowledge that the Buyer(s) fully understand the terms of this Agreement

 

What we have here is another acknowledgement. But, didn’t the buyer already say that he understood the agreement? So, why say this again? Am I missing something here?

 

The earlier acknowledgement was just above the signature.

 

Let’s have another look at it. Assume two buyers, Bob and Mary, husband and wife. Bob now has to say that he confirms that Mary understands. He already said that he understood the document himself. And, Mary does the same, this time confirming that Bob understands. Otherwise, this statement would be exactly what we saw before.

 

Clearly, the agent must explain the document to both Bob and Mary. It would not be sufficient to explain it to Mary alone and have her take the lead. The next supervised statement is to the effect that Mary confirms that Bob understands. Did he?

 

 

and have received a true copy of this

 

 

Agreement on the …….......................................................…………. day of …………………......................…………, 20 …...........................………...

 

............................................................... Date:........................

(Signature of Buyer)

............................................................... Date:........................

(Signature of Buyer)

 

When the confirmation of receipt statement is completed, we have the same issue. Mary is confirming not only that she got her own copy but that Bob got one as well. Again, the agent would have to oversee the delivery of two copies, one to each of them.

 

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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