Relocation Specialists
BUYER AGENCY AGREEMENT (AUTHORITY FOR PURCHASE OR LEASE)
TO: _________________________________________________________________(Agent) Tel.No. ( _____ ) ________
ADDRESS ___________________________________________________________________ Fax No. (_____ ) _______
Hereinafter referred to as the Agent.
I/We _________________________________________________________hereinafter referred to as the Buyer(s), hereby give you
the authority to act as my Agent until 11:59 p.m. on the ________ day of ___________________________________20 ____
for the purpose of locating a real property meeting the following general description:
Type (Use): ____________________________________________________________________________________
Geographic Location: ____________________________________________________________________________
I hereby warrant that I am not a party to a Buyer Agency Agreement with any other registered real estate agent for the purchase or lease of a real property of the general description indicated above.
1. DEFINITIONS AND INTERPRETATIONS: For the purposes of this Buyer Agency Agreement (“Authority” or “Agreement”),
“Buyer” includes a purchaser and tenant and a “seller” includes a vendor, a landlord or a prospective seller, vendor or landlord. A purchase shall be deemed to include the entering into of any Agreement to exchange, or the obtaining of an option to purchase which is subsequently exercised, and a lease includes any rental agreement or sub-lease. This Agreement shall be read with all changes of gender or number required by the context.
2. COMMISSION: In consideration of the Agent undertaking to assist me, I agree to pay commission to the Agent as follows: If, during the currency of this Agreement, I enter into an Agreement to purchase or lease a real property of the general description indicated above, I agree the Agent is entitled to receive and retain any commission offered by a Listing Agent or by the Seller(s). I understand that the amount of commission offered by a Listing Agent or by the Seller(s) may be greater or less than the commission stated below. I understand that the Agent will inform me of the amount of commission to be paid to the Agent by the Listing Agent or the Seller(s) at the earliest practical opportunity. I acknowledge that the payment of any commission by the Listing Agent or the Seller(s) will not make the Agent either the Agent or Sub-Agent of the Listing Agent or the Seller(s). If, during the currency of this Agreement, I enter into an Agreement to purchase or lease a property of the general description indicated above, I agree the Agent is entitled to be paid a commission of _____________________I agree to pay directly to the Agent any deficiency between this amount and the amount, if any, to be paid to the Agent by a Listing Agent or by the Seller(s). I understand that if the Agent is not paid any commission by a Listing Agent or by the Seller(s), I will pay the Agent the full amount of commission indicated above. I agree to pay the Agent such commission if I enter into an Agreement within _______ days after the expiration of this Agreement (Holdover Period) to purchase or lease any real property shown or introduced to me from any source whatsoever during the term of this Agreement,
provided, however, that if I enter into a new Buyer Agency Agreement with another registered real estate agent after the expiration of this Agreement, my liability to pay commission to the Agent shall be reduced by the amount paid to the other Agent under the new Agreement. I agree to pay such commission as described above even if a transaction contemplated by an Agreement of purchase or lease agreed to or accepted by me or anyone on my behalf is not completed, if such non-completion is owing or attributable to my default or neglect. Said commission, plus any applicable taxes, shall be payable on the date set for completion of the purchase of the property or, in the case of a lease or tenancy, the earlier of the date of occupancy by the tenant or the date set for commencement of the
lease or tenancy.
3. AGENCY: I acknowledge that the Agent has provided me with written information explaining agency relationships, including information on Seller Agency, Sub-Agency, Buyer Agency and Dual Agency. The Agent shall assist the Buyer(s) in locating real property of the general description indicated above and shall represent the Buyer(s) in an endeavor to procure the acceptance of an agreement to purchase or lease such a property. I acknowledge that I may not be shown or offered all properties that may be of interest to me. I hereby agree that the terms of any Buyer’s offer or Agreement to purchase or lease the property will not be disclosed to any Buyer(s). The Buyer(s) hereby appoints the Agent to give and receive notices pursuant to any offer or Agreement to purchase or lease a property negotiated by the Agent for the Buyer(s). .
DUAL AGENCY: I hereby acknowledge that the Agent may be entering into Listing Agreements with Seller(s) of properties I may be interested in buying or leasing, in the event that the Agent has entered into or enters into a Listing Agreement with the Seller(s) of a property I may be interest in buying or leasing, I hereby consent to the Agent acting as a Dual Agent for the transaction, however, the Agent is required to inform me in writing of a Dual Agent situation at the earliest practical opportunity and in all cases prior to any offer to purchase or lease being submitted or presented. I understand and acknowledge that in a Dual Agency situation the Agent must be impartial and equally protect the interests of the Buyer(s) and the Seller(s) in the transaction. I understand and acknowledge
that in a Dual Agency situation the Agent shall have a duty of full disclosure to both the Buyer(s) and the Seller(s), including a requirement to disclose all factual information about the property known to the Agent. However, I further understand and acknowledge that the Agent shall not disclose:
§ That the Seller(s) may or will accept less than the listed price, unless otherwise instructed in writing by the Seller(s);
§ That the Buyer(s) may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer(s);
§ The motivation of or personal information about the Buyer(s) or Seller(s), unless otherwise instructed in writing by the party to which the information applies or unless failure to disclose would constitute fraudulent, unlawful or unethical practice;
§ The price the Buyer(s) should offer or the price the Seller(s) should accept;
§ And: the Agent shall not disclose to the Buyer(s) the terms of any offer.
However, it is understood that factual market information about comparable properties and information known to the Agent concerning potential uses for the property will be disclosed to both Buyer(s) and Seller(s) to assist them to come to their own conclusions. I further acknowledge that the Agent may be entering into Buyer Agency Agreements with other Buyer(s) who may be interested in the same or similar properties that I may be interested in buying or leasing and I hereby consent to the Agent acting as an Agent for more than one Buyer(s) interested in the same property without any claim by me of conflict of interest. I understand and acknowledge that in an agency situation with more than one Buyer(s), the Agent must be impartial and equally protect the interests of any Buyer(s) the Agent is representing.
4. REFERRAL OF PROPERTIES: I agree that during the currency of this Buyer Agency Agreement I will act in good faith and work exclusively with the Agent for the purchase or lease of a real property of the general description indicated above. I agree that, during the currency of this Agreement, I shall advise you immediately of any property of interest to me that came to my attention from any source whatsoever, and all offers to purchase or lease submitted by me shall be submitted through you to the Seller(s). If I fail to advise you of any property of interest to me that came to my attention during the currency of this Agreement and I arrange a valid offer to purchase or lease the property during the currency of this Agreement or within the Holdover Period after expiration of this Agreement,
I agree to pay you the amount of commission set out above, payable within (5) days following your written demand therefore.
5. INDEMNIFICATION: The Manager and salespeople of the Agent are trained in dealing in real estate but are not qualified in determining the physical condition of the land or any improvements thereon. I agree that the Agent will not be liable for any defects, whether latent or patent, to the land or improvements thereon. All information supplied by the Seller(s) or landlord or the Listing Agent may not have been verified and is not warranted by the Agent as being accurate and will be relied on by the Buyer(s) at the Buyer’s own risk. The Buyer(s) acknowledges having been advised to make their own enquiries to confirm the condition of the property.
6. FINDERS FEE: I acknowledge that the Agent may be receiving a finder’s fee from a lender in the event that a new mortgage or an increase in financing is required for a transaction contemplated by this Agreement, and I consent to any such fee being retained by you in addition to the commission as described above.
7. CONSUMER REPORTS: The Buyer(s) is hereby notified that a Consumer Report containing credit and/or personal information may be referred to in connection with this Agreement and any subsequent transaction.
8. USE AND DISTRIBUTION OF INFORMATION: I authorize the Agent to use, disclose and retain all information provided for purposes relating to the real estate services provided to me by the Agent including: locating, assessing and qualifying properties for me; advertising on my behalf; providing information as needed to third parties retained by me to assist in a transaction (e.g. financial institutions, building inspectors, etc.); and such other use of my information as is consistent with the services provide by the Agent. I agree that any information and images regarding any property purchased or leased by me through the Agent may be retained and disclosed by the Agent and/or the real estate board(s) (if the property purchased or leased is listed on an MLS® system) for any purposes that the Agent or the real estate board(s) may deem appropriate.
9. CONFLICT OR DISCREPANCY: If there is any conflict or discrepancy between any provision added to this Agreement and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement, including any provisions added to this Agreement, shall constitute the entire Authority from the Buyer to the Agent. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein.
10. ELECTRONIC COMMUNICATION: This Buyer Agency Agreement and any Agreements, notices or other communications contemplated thereby may be transmitted by means of electronics systems, in which case signatures shall be deemed to be original. The transmission of this Agreement by me by electronic means shall be deemed to confirm I have retained a true copy of the Agreement.
THIS AUTHORITY HAS BEEN READ AND FULLY UNDERSTOOD BY ME AND I ACKNOWLEDGE THIS DATE
HAVING RECEIVED A TRUE COPY. Any representations and warranties contained herein are true to the best of my knowledge,
information and belief.
Dated at _______________________________this _______day of __________________________ 20______.
Signed, sealed and delivered in the presence of I have hereunto set my hand to seal
____________________________________________________________ _________________________________________________________l Date __________________
Witness Buyer (Seal)
____________________________________________________________ _________________________________________________________l Date __________________
Witness Buyer (Seal)
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