If a Buyer Representation Contract (ARB) – OREA Form 300 with real estate type (use) has been signed as a detached house/condo and I am now looking for a townhouse, semi-detached house or detached house, I can sign another agreement with another agent for the new requirement during the term of the old contract. It is common, especially in a hot selling market that is highly competitive for buyers, for individuals to buy a home before selling the home they currently live in. This condition allows the buyer to have a certain number of days to sell their existing home, otherwise they can withdraw from the agreement. This is important because without the funds from the sale of their existing home, the buyer may not have other ways to close the deal. The confirmation of collaboration describes the type of relationship that buyers and sellers have with their agent/broker (e.g. client or client) and the commission agreement between the seller`s brokerage company and the buyer`s brokerage activity. While many people are familiar with this document, many people do not take the time to read and understand all the clauses and conditions before signing. Real estate forms and paperwork aren`t as complicated as they seem – but make sure your agent guides you through what they mean and don`t be afraid to ask them for clarification. These Explains Commented Files forms help remove secrecy from forms.
There are more than 50+ commented forms to check, they offer general explanations regarding certain provisions contained on each form, they are provided only for personal education purposes. It is important to note that the statements contained herein are for informational purposes only and should not be construed or construed as real estate, legal, accounting or other professional advice. . . .