In the past you may remember contacting a Realtor to help you find and purchase a home. It is most likely that there was no contract or any written disclosures. The Calgary Real Estate Board has been encouraging Realtors to use Buyer Brokerage Agreements. These agreements have language that disclose all of the Realtors duties to the buyer and what is expected of the buyer in the relationship. It also outlines that the buyer acknowledges that the Realtor is working for them and that another Realtor would not be in the mix. Like all contracts these forms have expiry dates and ways to terminate the agreement, but most importantly, there was language to protect the buyer!
I personally fully agree with Buyer Brokerage Agreements. It opens up important discussions regarding representation and duties that may otherwise go unspoken. Unfortunately these agreements have not been embraced by many industry members and the public as a whole is reluctant to sign them because they are not mandatory.
As of mid-late 2013 the Real Estate Counsel of Alberta will be releasing mandatory written service agreements between Realtors and buyer clients. These contracts will have the option of being exclusive contracts with one Realtor or an open contract. It is always best to have expectations and duties in writing. This will further enhance the professionalism of our industry.
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By Patrick Murray Join me on Google+