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Information before agreements |
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10. |
(1) |
Before entering
into an agreement with a buyer or seller in respect of trading in real
estate, a brokerage shall, at the earliest practicable opportunity, inform
the buyer or seller of the following: |
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1. |
The types of service alternatives that
are available in the circumstances, including a representation agreement or
another type of agreement. |
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2. |
The services that
the brokerage would provide under the agreement. |
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3. |
The fact that circumstances could
arise in which the brokerage could represent more than one client in respect
of the same trade in real estate, but that the brokerage could not do this
unless all of the clients represented by the brokerage in respect of that
trade consented in writing. |
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4. |
The nature of the services that the
brokerage would provide to each client if the brokerage represents more than
one client in respect of the same trade in real estate. |
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5. |
The fact that circumstances could
arise in which the brokerage could provide services to more than one
customer in respect of the same trade in real estate. |
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6. |
The fact that circumstances could
arise in which the brokerage could, in respect of the same trade in real
estate, both represent clients and provide services to customers. |
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7. |
The restricted nature of the services
that the brokerage would provide to a customer in respect of a trade in real
estate if the brokerage also represents a client in respect of that trade. |
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(2) |
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The brokerage
shall, at the earliest practicable opportunity and before an offer is made,
use the brokerage’s best efforts to obtain from the buyer or seller a
written acknowledgement that the buyer or seller received all the
information referred to in subsection (1). |
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Contents of
written agreements |
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11. |
(1) |
A brokerage shall not enter into a written agreement
with a buyer or seller for the purpose of trading in real estate unless the
agreement clearly, comprehensibly and prominently, |
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(a) |
specifies the
date on which the agreement takes effect and the date on which it expires; |
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(b) |
specifies or
describes the method for determining, |
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(i) |
the amount of any
commission or other remuneration payable to the brokerage, and |
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(ii) |
in the case of an
agreement with a seller, the amount of any commission or other remuneration
payable to any other brokerage; |
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(c) |
describes how any
commission or other remuneration payable to the brokerage will be paid; and |
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(d) |
sets out the
services that the brokerage will provide under the agreement. |
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(2) |
A brokerage shall not, for the purpose
of trading in real estate, enter into a written agreement with a buyer or
seller that provides that the date on which the agreement expires is more
than six months after the date on which the agreement takes effect unless, |
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(a) |
the date on which
the agreement expires is prominently displayed on the first page of the
agreement; and |
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(b) |
the buyer
or seller has initialed the agreement next to the date referred to in
clause (a). |
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(3) |
A brokerage shall ensure that a
written agreement that is entered into between the brokerage and a buyer or
seller for the purpose of trading in real estate contains only one date on
which the agreement expires. |
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Copies of written
agreements |
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12. |
If a brokerage and one or more other persons enter
into a written agreement in connection with a trade in real estate, the
brokerage shall ensure that each of the other persons is immediately given a
copy of the agreement. |
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Seller
representation agreements |
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13. |
If a brokerage enters into a seller representation
agreement with a seller and the agreement is not in writing, the brokerage
shall, at the earliest practicable opportunity and before any buyer makes an
offer, reduce the agreement to writing, have it signed on behalf of the
brokerage and submit it to the seller for signature. |
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Buyer
representation agreements |
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14. |
If a brokerage enters into a buyer representation
agreement with a buyer and the agreement is not in writing, the brokerage
shall, before the buyer makes an offer, reduce the agreement to writing,
have it signed on behalf of the brokerage and submit it to the buyer for
signature. |
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Agreements with
customers |
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15. |
If a brokerage enters into an agreement with a
customer in respect of a trade in real estate and the agreement is not in
writing, the brokerage shall, at the earliest practicable opportunity,
reduce the agreement to writing, have it signed on behalf of the brokerage
and submit it to the customer for signature. |
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Disclosure before
multiple representation |
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16. |
A brokerage shall not represent more than one client
in respect of the same trade in real estate unless it has disclosed the
following matters to the clients or prospective clients at the earliest
practicable opportunity: |
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1. |
The fact that the
brokerage proposes to represent more than one client in respect of the same
trade. |
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2. |
The differences between the
obligations the brokerage would have if it represented only one client in
respect of the trade and the obligations the brokerage would have if it
represented more than one client in respect of the trade, including any
differences relating to the disclosure of information or the services that
the brokerage would provide. |
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Nature of
relationship |
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17. |
If a registrant represents or provides services to
more than one buyer or seller in respect of the same trade in real estate,
the registrant shall, in writing, at the earliest practicable opportunity
and before any offer is made, inform all buyers and sellers involved in that
trade of the nature of the registrant’s relationship to each buyer and
seller. |
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Please remember this service provided through a "Buyer Representation Agreement"
costs you absolutely nothing, our fee is paid by the seller of the property you
purchase through Future Homes Ltd. Brokerage.