Written Service Agreements – Buyer Representation Agreements
Are written Buyer Representation Agreements mandatory? Yes. Effective July 1, 2014, if you are interested in buying residential property and are the client of a real estate professional in Alberta, you will be asked to sign a written service agreement (buyer representation agreement). What is the difference between an exclusive and a non-exclusive buyer representation agreement? In an exclusive buyer representation agreement, you, as the buyer, agree to only use the services of that brokerage to represent and assist you in purchasing a property. In a non-exclusive buyer representation agreement, you, as the buyer, may use the services of multiple brokerages at the same time. You can enter into multiple non-exclusive buyer representation agreements. Does my buyer representation agreement have to be exclusive? No. However, your agreement will need the consent of the brokerage(s) you're working with. Consumers should make an informed choice about the type of relationship they wish to have with a real estate professional. They should also understand the implications of the options available to them. When I agree to enter into a written service agreement, is there a specific form I will be asked to sign as a buyer? The answer to this question depends on two factors:
- are you interested in buying residential property?
- will you be entering into an exclusive buyer representation relationship?
If you answer "yes" to BOTH of these questions, the agreement must contain the mandatory content as contained in RECA’s Exclusive Buyer Representation Agreement. You can review that agreement here. © February 2014 Real Estate Council of Alberta