On this podcast, episode 157, Adrian talks about whether or not it is possible to get out of a buyer's representation agreement. This came from a recent Facebook post of a user asking this question in a real estate group.
When a property buyer and a real estate agency sign a buyer representation agreement, it becomes a legally binding contract (represented by the sales representative). The Buyer Representation agreement, like any other legally enforceable contract, cannot be released or canceled just by one party to the arrangement. Both parties must agree to the cancellation and sign it.
If you do decide to cancel, be prepared to provide valid and well-documented reasons for your decision. The sales representative can, but is not obligated to, cancel a buyer representation agreement using Form 301 (ultimately, the brokerage must sign this cancellation - this contract is between you and the real estate brokerage, and the sales representative is an agent for the brokerage). Be persuasive without being scary or demanding.
A Cancellation of Buyer Representation agreement is the sole option to end a buyer representation arrangement. Both parties must agree to this agreement and sign it. If the broker believes the property buyer should keep the contract, they do not need to sign the cancellation of buyer representation agreement, and you must now keep the contract until it expires.
All of that and more on KT Confidential - Real Estate Podcast.
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Episode Breakdown:
00:00 - Intro
01:45 - Can You Get Out of a Buyers Representation Agreement
02:32 - Facebook vs Google Searching
05:21 - Legally Binding Contracts
06:44 - Fine Details
07:58 - Use of Property
08:48 - Consequences of Changing Your Mind
10:21 - Don’t Listen to Anyone on Facebook
10:46 - Speak to the Realtor/ Broker
12:08 - Don’t Work With Someone Just Because They Were Referred to You
13:09 - Know What Your Signing
16:30 - The Legal Side of Contracts
17:23 - The Ethical Side of Contracts
18:03 - Come To Me if You’re Unhappy
19:37 - Going Separate Ways
20:09 - Listing Agreement
21:38 - 2017 Crash
23:18 - Outro
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two of them compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
