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 About Buying in Toronto |
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 Most resale home deals close in 30 to 60 days and before you find the home that you want to buy you should get educated about the process, "hire" a Buyer Agent, get a full pre-approval for a mortgage... and then start viewing potential homes to buy!
Buying and Selling in Canada
There have been some important changes in the way real estate is bought and sold in Canada. Since 1995, Realtors are now required to disclose in writing who they represent in every transaction. Purchasers and vendors enter into separate agency agreements to have their sales representative work exclusively in their interest.
The Code of Ethics of the Canadian Real Estate Association requires it's members to explain the nature of their relationship with the parties whom they contact.
Agency Relationship
Before a purchaser or vendor enters into a contract with a real estate sales person or broker regarding a real estate transaction, they should understand what type of relations ship they will have with the real estate company. The Toronto Real Estate Board (TREB) Brochure, Agency Relationship Explained, describes your options. If you choose to have a real estate agent represents you as a buyer broker you will need to:
• read the brochure Agency Relationship Explained and sign the acknowledgement contained in it;
• complete a Purchaser's Agency Consent form, which specifies how your agent will be compensated for his or her services;
• enter into a purchaser Agency Agreement, which clearly establishes the obligations of both parties.
As of January 1. 2000 the Real Estate Council of Ontario's (RECO'S) regulations require that all purchasers who elect to work under buyers brokerage must sign a Purchaser Agency Agreement at the earliest practical opportunity and in all cases prior to the presentation of an offer.
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Peter Lamy,