Question:

Eric: I am looking to buy my first house, and I have been warned not to sign anything when I am working with an agent. I have looked at several houses with the same agent. He has just told me about a "Buyer Agency" form and is asking me to sign it. What is it, and what happens if I do or don't sign? Please help! -Melissa

Answer:

Melissa: The Buyer Agency form is an agreement between you the buyer, and the company of the agent you are working with. It is meant to protect you in the transaction the same way that the Seller is protected by the Listing Agreement that they sign with the listing agent's company. Before you sign the Buyer Agency agreement, you should first read and sign a pamphlet called Working with a Realtor - The Agency Relationship. The Ontario Real Estate Association puts this out and all agents should have this pamphlet available for you. If you are comfortable working with this agent, and you trust them, then there should be no issue with you signing the Buyer Agency agreement. If things don't work out, you can always ask to have the agreement terminated. I hope this helps. -Eric

Answered By: Eric Burgin

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