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You're already signed but you don't want to work with your agent any more!

2011-12-12 | 08:19:40

The Buyer Representative Agreement is a contract between two parties - you and the Brokerage where your agent works - and it has a number of limitations like how much comission you are going to be responsible for, the length of time the contract is in force, and the number of days afterwards that you are still responsible for paying the commission if you buy something that the agent showed you (Holdover clause). BUT SOMETHING HAS HAPPENED and you don't want to work with your agent anymore: that's ok - do this:

1. Tell your agent/Realtor that it's over and why. Professional Realtors want to know how to become better. And don't tell them it's because you already bought something - you will need to pay them full commission anyway and it's not a reason to cancel the contract.

2. Tell the Brokerage (if the Realtor won't) because the Broker-of-Record needs to sign the cancellation of this contract and so do you. Good brokerages are concerned about customer satisfaction and will likely recommend another Realtor to work with you. Meet that Realtor and interview them and begin anew knowing that the Broker of Record will be keeping an eye on you to make sure that everything works out very well.

3. Sign the cancellation. Once that is signed you are free to "sign" with another Realtor/Brokerage or not. But if you do buy a property privately that the agent showed you - you will still be legally required to pay commission. 

And if there are any problems at all, call Real Estate Council of Ontario (RECO) and explain. 416-207-4800 

Breaking a contract requires some work - the Buyers Representation Agreement is relatively easy but it does require a little effort on your side. Call me now if you want to talk about this further. 416-922-5533

What's with the B.R.A.? Why sign a Buyers Representation Agreement

2011-12-12 | 07:55:35

So you met a Realtor and they seem nice to work with but they want you to sign this triple-page form in triplicate that's got too much fine print. What are you getting yourself into?

Welcome to the serious side of Real Estate. Although your handshake and your word may be considered a binding contract, Real Estate really only happens on paper and a contract on paper is clear to everyone who may be involved. From this B.R.A. form, to your Offer, your Mortgage/Loan documents, and other forms from your lawyer you will be signing to confirm your intent/information/obligations along the way.

The Buyer's Representation Agreement should be signed by every potential Buyer as soon as they are starting to look.  This will legally engage the Realtor (Me!) to protect your best interests, financial and fiduciary, throughout the process. It prevents me from providing personal information that would adversely affect your "best interests" to the Seller,but more importantly it allows me to provide ADVICE to you. Without this you will only be able to receive information. That's like investing in the stock market by looking at the "Ticker Tape" - a very risky idea!

Call, text or email me now and we can get started! 416-567-2512

Hands up! How to GET STARTED to buy my first home!

2011-12-01 | 12:29:15

Tell me if this sounds like you: "My life is great, work is ok, my evenings and weekends are spent with friends, sports, going out and having fun.  I know I should buy a place 'cause rent is expensive, but I just haven't gotten around to thinking about it." Well I can tell you its easier than doing your taxes, but a little harder than chosing your drink at Starbucks! 

Get started!

#1. Think of yourself in your very own place - what is it like?

#2. Call your bank and talk to a mortgage broker - and ask for a pre-approval. This tells you how much place you can afford.  

#3. Call a Realtor and ask me/him/her to show you something that combines #1 and #2. (actually call a few and interview them!).

That's it. From that point on you get to make the decisions to go ahead or stop, to buy or not and the professionals will make sure that you have all the information to make the right decisions for you.

And you may own your first place before you think it's possible.

Make it a great day! Best, Heather James