AuthorityThis authorises me (or any of my agents) to provide you with access to any real property that meets your interest or requirements. These properties may be currently listed For Sale or have expired some time ago; or even have Sold some time ago: in which case some contact with the new owner may be required to find out if they are interested in Resale.
CommissionGenerally in the Chatham/Kent Area the typical Commission for Listing/Selling a property is about 6%. In most instances when there is a Listing Broker and a Selling Broker the commission split is 50/50 or 3% to each. When one agent acts specifically for a certain client ie buyer or seller; they should be entitled to their full share of the split. However, this Website is unique. Most of the thrill and excitement of buying a house is in the search and discovery itself. Once the dream home has been found; the commission and who gets How Much is of little concern to the buyers. Therefore if you only want to use this Web Site as a searching Method only; and want to deal with another Broker, who may be a long time friend or relative of the family! My fee is only 1% of Sale Price and the Holdover period is 90 days. The Holdover period is applied after the Date that this contract has terminated. It means if you find a home on this Web Site and make an offer to Purchase it within 90 days after this contract has expired; then I am entitled to my 1% commission from the proceeds of the Sale. Please be advised that I would most like to represent you fully and take part in the showings and presentations at the Offer to Purchase.
AgencyThe Agency Relationship should be explained to you before Listing or Buying a house. When working with a REALTOR, it is important to understand who the REALTOR works for and to whom is the REALTOR legally obligates? There are different forms of Agency Relationships and following is a description of each: Taken from the Working With a Realtor Agency Relationship Brochure:
REALTORS are governed by the legal concept of "agency." An agent is legally obligated to look after the best interests of the person he or she is working for. The agent must be loyal to that person. A real estate company may be your agent - if you have clearly established an agency relationship with that REALTOR. But often, you may assume such an obligation exists when it does not. REALTORS believe it is important that the people they work with understand when an agency relationship exists and when it does not - and understand what it means. IndemnificationThis points out that Brokers and Sales People are not qualified to determine the actual physical condition of the land or buildings therein. In most cases a Home Inspection is recommended; unless it is Newly built and under warranty.
Finders FeesFirst make sure you look at the Mortgage Calculator which is part of this Web Site. If you cannot arrange a mortgage through a bank or lending institution: private lenders are available; and if I can assist you; I may receive an additional Fee from the Lender.
Consumers ReportWhen you make an Application for a mortgage; the Banks or Lenders are going to check your Credit Rating. This may determine whether you will get the Loan or Not; or How Much your interest rate may be.
Conflict or DiscrepancyThis form is a standard pre-set form published by OREA (Ontario Real Estate Association). The addition is a feature such as the 1% commission split for search methods only; as described above will supersede the pre-set Form and will form part of the agreement.
DefinitionsIf you are the buyer this also includes your wife or husband etc. and common law spouse.
Electronic CommunicationMany people have their digital signature registered and on their computer. If you do, you can email me this agreement and printout a copy for yourself. If you do not you can print a copy, sign it and fax it to me at 519-351-2221. This transmission will constitute a legally binding agreement. |