Exclusive Seller Representation Agreement Alberta
A buyer representation contract is a document that is required whenever a buyer is REPRESENTED in a real estate transaction. The written document is required by Alberta`s Real Estate Act. Without the document, there is no representation, and you will be (should) warned that the agent you work with is actually working AGAINST your interests when it comes to negotiating a purchase and sale contract. Simply put, it is a document in which a real estate agent or partner accepts and contracts to represent the buyer (his client) in the search and possibly in the purchase of a house or property. Every real estate agent or broker in the province of Alberta needs this agreement to REPRESENT a buying client. There are several reasons for this: First, we really need an authorization from a legal point of view that clearly indicates who we represent in the transaction. In this way, we are committed to being your best friend and taking care of your interests and fiduciary responsibilities. The real estate agent/broker and his client have the option to use three different versions of the agreement. In their business practices, many agents use only one version and the consumer may not be informed of the other versions. By law, sellers and their real estate agents must disclose known material hidden defects to potential buyers.
Absolute. Although you need a written agreement with the agent to represent you by showing you houses and advising you, you can absolutely limit the period of the agreement to a day, a week, a month or two and you can even limit the agreement to a specific neighborhood, a certain lifestyle, or even just one or two houses. Your obligation applies only to what is expressly described in the Agreement. If you allow your agent to complete the agreement to cover the entire province for an entire year, you will commit to it. As a rule, we try to make the agreement quite comprehensive, but only enough to cover what you have told us, what you are looking for. There are really no restrictions on the number of homes you can see; We will be your buyer`s representative and will represent you on any property you wish. From that point on, it`s so easy to tell every agent you meet that you`re already dealing with an agent under a written contract. You will be protected and properly guided throughout the process.
Lol As a buyer, it would be extremely rare for you to have to pay your agent directly – and even then, you`d likely save more money on your purchase than you would pay your agent. Any services you receive, as well as the confidentiality, honesty, loyalty, etc. that your agent will provide to you, will be paid for by the seller through their contract with their listing broker (if they have used one) with your money. By enrolling in the local MLS®, they committed to pay the buyer`s agent. The amount can be negotiated through the offer to purchase if there is a loss of profit compared to the amount agreed in your representation contract for the buyer. In practice and contractually, the seller undertakes to pay the brokerage a fee for the sale of his house and, at the time of sale, to share part of these costs with the agent / broker who brought the buyer (if any). If there was no agent representing the buyer, the seller is still required to pay the full amount to the listing broker, even if there is no one to share it with. So if you can`t save money by going directly to the listing agent/broker, why not work with your own agent working for YOU instead of the seller? Can you save money by asking the seller and his agent to reduce the commission they have contracted? Of course, technically it is possible, but it is very unlikely that it will ever happen. What for? Because in these circumstances, the agent significantly increases his responsibility in the transaction by working with both parties: they ask them to reduce their fees in order to take more legal risks. Saving money by going straight to the seller`s agent is a myth that has been going on for far too long! b) The potential buyer would go directly to the seller`s agent (or at an open house) and think that the service would be “just as good” or that the seller`s agent could share inside information.