I'm a first time buyer and lot of agents are asking me to go through them but on a condition that i sign a contract with them!! I do not want to get bound by signing.

I have to vacate my current house b4 30th Sept. and move into a new house, can anyone suggest how to go about searching for a house?

I am looking for a semi / detached house in North of Sheppard (Toronto/Markham/Richmond Hill/Thornhill/Vaughan) on one side and between West of Victoria Park to anywhere East of Keele).

My approval does not allow me to go above $ 250,000.

Looking for sound advice and solution.

If you sign a buyers agreement ( I believe that is what it is called) then you are legally agreeing to buy a home through this realtor. If you choose not to, you will still have to provide a commission to this realtor.

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~ Morning rain

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Originally posted by morning_rain


If you sign a buyers agreement ( I believe that is what it is called) then you are legally agreeing to buy a home through this realtor. If you choose not to, you will still have to provide a commission to this realtor.

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Dimple2001

Sure buyer doesn't pay commission but my questionis, is the purchaser bound to a realtor even if no contract has been signed between them or is it necessary to sign a contract before one buys a house?

What if one signs a contract and then doesn't get a property of his liking from that agent?

You are not oblidged to sign any contract with agent if you are buying the property. It is only required when you are putting an offer for the property.

BUT business rule and ethics says that if you are using an agent, you will you use that and only one agent. Because this person will be using his resources and time to show you properties. Though he is paid by Seller.

It all matter of trust. I believe your agent does not trust you.

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Originally posted by dimple2001

Quote:

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Originally posted by morning_rain


If you sign a buyers agreement ( I believe that is what it is called) then you are legally agreeing to buy a home through this realtor. If you choose not to, you will still have to provide a commission to this realtor.

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Seller pays the commission, not the buyer. Am I right?

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~ Morning rain

Hi Saregama,

According to REBBA 2002 that became effective March 31, 2006, it is a must for the Sales Representatives to have the buyers either sign "Buyer Agency Agreement" or "Customer Service Agreement". The difference between the two is that while an agent is working on behalf of the buyer in the 1st instance as your relationship is that of a "client", in the second instance, he/she is only providing you with customer service and is not accountable to you. He/she is deemed to be working as a sub agent of the seller and represent his interests.

Coming to your situation, I fail to understand the reluctance on your part to sign up with an agent (to protect your interests). An agent will be more committed to your interests when you show your committment and trust in his/her services. You can choose the duration of contract and after working with a REALTOR for this duration, you should be able to determine whether to extend the contract or terminate it.

This said, it is however important for you to find the RIGHT agent who shows that he/she will go all gthe way to protect your interests. Usually, asking for referrals from friends and family who have used a realtor is one of the ways to find one.

Lastly the price, I doubt you would be able to find a decent semi/detached in the area & price you mentioned.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
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(Opp Square One - HWY10/403)
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