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Buyer Representation Agreement Form 300

A buyer representation agreement is similar to the listing agreement. This agreement sets out the contractual provisions between the buyer and agent, including agency disclosure.

The buyer is informed that:

  • He or she has received information about agency relationships.
  • A listing broker may be involved in the transaction.
  • The buyer broker may be listing properties for sale and the buyer gives his or her informed consent to dual agency (or subject to prior written notification by the buyer broker).
  • Dual agency is described with particular emphasis on information that will not be disclosed about the buyer or seller.

 Form 300 - Buyer Representation Agreement

The Buyer Representation Agreement

Establishes an exclusive buyer /broker agency relationship

  • Sets out duties and responsibilities of both parties.
  • Details commission arrangements and buyer responsibilities should commission not be paid by the seller.

Buyer is responsible for any deficiency between the contracted amount and the amount paid by the seller or listing broker.

Buyer Agent - Duties

  • Discover property preferences
  • Develop a property profile
  • Not obligated to find all properties, seek out enough in timely fashion-fit profile assist the buyer in making an informed decision.
  • SPIS (Seller Property Information Statement)
  • Accurately and professionally prepare offer.
  • Assist buyer negotiations with strategies to advance the client's interests.
  • Negotiate. LOWEST PRICE, BEST TERMS.
  • Assist the buyer with mortgage lenders, inspectors and other professionals
  • Assist client as appropriate with documents, reports and other documentation as it pertains to the buying process.
  • Prepare amendments, notices, forms as required.
  • Assist the client from sale to closing point regarding the negotiated agreement.

Buyer Agency Finesse

  1. Review agreement with the client — build solid working relationship (form 300)
  2. Planned presentation - discuss buyer services provided in the brokerage flyer.
  3. Interview buyer carefully — Pre-qualification vital.
  4. Select homes carefully — know comparable sales. Do a continuous CMA
  5. Develop a home buyer's package.
    • data on neighbourhood trends
    • features and benefits
    • School locations
    • market reports
  6. Unlisted property, use Seller Customer Service Agreement FORM 201.
  7. Property information —sometimes only limited information available, do your homework.
  8. Critically analyze every property for client —GOOD OR BAD.
  9. Thoroughly review SPIS and recommend appropriate action (form 220)
  10. Client is obligated to conduct further investigations, but guidance if helpful.
  11. Effectively negotiate.
  12. Always match needs and wants with properties shown
  13. Make note of seller upgrade and the impact of depreciation
  14. Factual discussion of drawbacks that affect market value. Accentuate the benefits. Drawbacks could be cosmetic and easy to remedy.

Customers must be aware that salespeople are not working in their best interest.

Amending Agreements

BUYER AGENCY TERMINATION AGREEMENT (FORM 301)

An agreement in which the buyer and broker agree that the buyer agency agreement is null and void.

ASSIGNMENT OF BUYER AGENCY AGREEMENT (FORM 302)

An agreement whereby the broker assigns, transfers and sets over rights associated with a buyer agency agreement, i.e., assignment to another brokerage.

Customer Service

COMMISSION AGREEMENT (FORM 201) for property not listed

Non-agency relationships FSBO -- FOR SALE BY OWNER

The commission agreement establishes a contract between the brokerage and the seller for customer services only.

  1. Details the commission amount and terms under which it is payable.
  2. Provides acknowledgement that the broker is not the agent of the seller.
  3. Assigns the deposit toward the commission payment.
  4. Provides the broker with authority to obtain additional information about the property.

BUYER CUSTOMER SERVICE AGREEMENT (FORM 310) for use when the buyer is not represented by the broker

  1. Buyer acknowledges having received written information concerning agency relationships.
  2. Customer service duties are broadly outlined in the agreement.
  3. The buyer confirms that he/she is not party to an existing buyer agency agreement for the general type of property described.
  4. No compensation is to be paid for the customer services provided by the broker.
  5. The agreement is non-exclusive and expired in 60 days
  6. The buyer consents to the collection, use, and disclosure of personal information for such purpose that relate to the real estate services provided.

AT NO TIME DOES THE SALESPERSON UNDERTAKE ANY ACTIVITIES OR NEGOTIATE ON THE BUYER'S BEHALF THAT IS CONTRARY TO HIS CLIENT'S WISHES.

NOTABLES

  1. A buyer representation agreement establishes a working relationship between buyer and brokerage/salesperson for property searches and selection, drafting agreements, negotiations, and the ultimate property purchase.
  2. Carefully review all pre printed clauses in the Buyer Representation Agreement (form 300)
  3. Buyer representation agreements can be terminated using the Buyer Representation Termination Agreement (form 301) and assigned by means of the Assignment of Buyer Representation Agreement (form 302 —transferring)
  4. Termination and assignment forms used with buyer representation agreements closely parallel their listing
  5. While agency duties and client relationships dominate today's marketplace, customer services may be appropriate in selected circumstances.
  6. The Seller Customer Service Agreement —form 201 — Commission Agreement for Property not listed establishes non-agency relationship with a seller, while retaining the right to collect commission from the
  7. The Buyer Customer Service Agreement (form 310) establishes a non-agency relationship with the buyer.

Forms

BUYER AGENCY

AGENCY AGREEMENT

  • FORM 300 — BUYER REPRESENTATION AGREEMENT AUTHORITY FOR PURCHASE OF LEASE

AMENDING AGREEMENT

  • FORM 301 — CANCELLATION OF BUYER REPRESENTATION AGREEMENT
  • FORM 302 — ASSIGNMENT OF BUYER REPRESENTATION AGREEMENT

CUSTOMER SERVICE

NON-AGENCY AGREEMENT

  • FORM 310 — BUYER CUSTOMER SERVICE AGREEMENT FOR USE WHEN THE BUYER IS NOT REPRESENTED BY THE BROKERAGE

NON-AGENCY SERVICE TO SELLER

  • FORM 201 — SELLER CUSTOMER SERVICE AGREEMENT COMMISSION AGREEMENT FOR PROPERTY NOT LISTED

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Kelly Bailey
Sales Representative

Scott Bailey
Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage
720 Guelph Line,
Burlington, ON L7R 4E2

Areas we cover: Burlington, Hamilton, Waterdown, as well, we can find properties in other surrounding areas, a client maybe interested in; plus areas further out, we can refer RE/MAX agents to assist in your search.

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