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Nick Boothby presents: Plain Language Real Estate Forms

Not as exciting as CSI but more useful! Read the updated Plain Language Forms used to sell and buy real estate. These are prepared by the Toronto Real Estate Board. These forms are used to Sell and Buy resale properties, not new properties.

There are no prepared forms for buying NEW property. Each builder has his own forms.


Plain Language Toronto Real Estate Board Forms

Agreement of Purchase and Sale

This form is the backbone of the Buying and Selling process. The OFFER!

It is often modified and signed back and forth as the seller and buyer negotiate the price and other various terms. It is a quite complex form that has claused intended to protect buyer, seller, and their agents.

There are often modifications and additions attached to the OFFER. Each deal is different and various agents will add their favourite clauses.

It is quite normal to modify and add clauses and conditions to this basic Offer form.

Fundamentally it is a CONTRACT between buyer and seller, and once signed by both parties, becomes a Legally Binding Document.

Buyer Representation Agreement

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This form creates another Contract this time between Buyers and a Real Estate Firm represented by your agent. It creates an Agency relationship with obligations and priviledges. see Agency details here. Once you have signed this form with your real estate agent he must represent your interests in this transaction.

Once you have Signed this agreement, you are now the CLIENT of the real estate agency. It is possible to buy property using a real estate firm without this form, however in that case you are a CUSTOMER and do not benefit from the formal AGENCY relationship. The real estate firm has an obligation of honesty and fair dealing but is not obliged to keep your best interest in mind. You will be asked to sign anothe form outlining this

The Realtor (R) has little choice about this. These are requirements we are bound to by rules and regulations and codes of ethics. We don't like the paperwork either.

Buyer Customer Service Agreement

Sometimes a real estate firm is unwilling to enter in an Agency Relationship with a buyer. If a listing agent also brings a buyer it is usual for the buyer to become a Customer and not a Client. (The seller is already a Client.) This avoids Dual Agency which is not encouraged.

Sometimes the Buyer is unwilling to enter into an Agency relationship

Agreement of Purchase and Sale for Condos

This is the OFFER used to sell and purchase a Condo rather than a freehold home. Various schedules can be attached and the documents is modified by the parties until an agreement is reached. See the comments for the Agreement of Purchase and Sale above.

Confirmation of Co-operation and Representation

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This form gathers bits and pieces together in one document. No new information usually but a confirmation of the various agreements and relationship. Its main goal is to make sure everyone involved knows who is doing what, what the legal relationships are and what commissions are being paid and to whom, and confirm that they know and agree.

You will be asked to sign this mostly as an acknowledgement that you are aware of the legal situations and relationships. A sort of mutual protection document.

Listing Agreement, Authority to Offer for Sale

This is the document used by a seller to Contract with a Real Estate Firm to sell their property. It is a fairly long detailed document that sets downs the details of the transaction. Again it is a Binding Contract between the seller and the Real Estate Brokerage and is signed by the seller and the agent representing the Brokerage. It sets up an Agency relationship.

The main form details the commissions, the parties, confirms that the Realtor(R) is professionally insured, what will happen in the case of multiple representation. It also shows the price that is to be asked, when the listing is to be launched, wheather it is to be MLS or Exclusive. In Addition there is an extensive Data form that is attached and forms the basis of the listing information which will appear on the MLS listing.

Once signed this CONTRACT cannot be unilaterally cancelled. Both parties must agree to terminate. A seller cannot sign with 2 different Brokerages to sell the same property. Well worth the read.

Seller Customer Service Agreement

This document does NOT set up an Agency relationship between seller and Real Estate Brokerage. The seller is a Customer. We rarely see this situation except in the case of Buyer Clients approaching an unlisted home where the Real estate brokerage would act for both parties.

It is not an exclusive agreement and several Brokerages could be involved in the sale.

Under normal circumstances a Realtor(R) would want the protection of an Agency relationship before investing the time and substantial sum necessary to market a home, so would not be enthusiastic about this kind agreement

It is not a particularly attractive option for a seller either since the Brokerage is not necessarily acting in sellers best interest.

Note: These comments are for information only. They do not claim to be the complete story. Read the documents!

Nick Boothby, Maddy Dennett and Greg McDowell
REALTORS® / Salespersons

Christine DeMerchant Unlicenced Support Person
Real Estate Homeward, Brokerage
1858 Queen St. E., Toronto, On, M4L 1H1, Canada
tel: 416-698-2090   fax: 416-693-4284
Maddy's cell: 416-951-5507   Greg's cell: 647-984-3065
emails: Nick   Maddy   Greg   

Disclaimer: Nick Boothby and his team take great care in insuring the accuracy of our facts but some information cannot be verified. We do not warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process discussed or presented.