The BRA ensures one agent presents your offers to the selling agents on your behalf. Ideally, you want to work with an agent that is referred to you by someone you trust but being new to the country it's not always possible. You can get information on the agent and find out of they are licensed by researching them on the RECO website. The RECO Registrant Search page will give you information about the agent and their brokerage, and will disclose any charges or disciplinary actions initiated against them by clients.
Once you're ready to put in an offer on a house, the agent will ask you to sign an exclusivity agreement or contract. A BRA or Form is a contract between you the buyer and the real estate agent brokerage that lists terms of their representation in the home-buying process.
By signing this contract, you are agreeing to have that agent exclusively represent you when putting offers forward to the selling agents. You can still see homes and look for sale properties on your own or with another agent but you can only put in an offer on a home with the representing agent of the BRA. Failing to do that, can result in commissions owed to that agent and brokerage even after you pay commissions to a new agent.
A BRA term can be anywhere between 90 days to 6 months. Always take the time to read over and understand all documentation you are being asked to sign by an agent. There is no obligation to sign any document if you are just looking at homes for sale. If you are still unsure of what you are signing, ask your lawyer for clarification first. When reviewing the contract, make sure all the things you discussed with the real estate agent are clearly listed.
Look for things like:. Make sure to obtain copies of all documents the agent has you fill out and sign. There is no obligation to purchase a home during the term specified in the contract. However, if you put in an offer, you must do it with that agent and brokerage only.
