Non-Exclusive Buyer Representation Agreements Now Available
| February 28, 2014
Sample non-exclusive buyer representation agreements are now available to real estate practitioners via the Real Estate Council of Alberta’s (RECA) website.
RECA is committed to ensuring that real estate professionals and consumers can continue to choose and negotiate the type of representation relationship they want to enter into.
When written service agreements become mandatory for all client relationships in residential real estate on July 1, 2014, RECA’s non-exclusive buyer representation agreements will provide a wide set of options for residential real estate practitioners and the buyers they’re working with.
There are two non-exclusive agreement options:
- No fee payable by the buyer. You may not get paid. The buyer authorizes their brokerage to seek payment from the seller or the seller’s brokerage. This is how it’s done now with verbal or implied buyer brokerage agreement.
- Fee payable by the buyer. You will get paid. The agreement sets out a fee. The buyer authorizes you to seek payment from the seller or the seller’s brokerage. The buyer will pay the fee or portion of it if it is not fully paid by a seller or seller’s brokerage.
Additionally, these two options have designated agency and common law agency versions for a total of four non-exclusive buyer representation agreements from which industry professionals – and consumers – will be able to choose.