Buyer Representation Agreement

This is the official agreement that establishes Tory as your designated buyer's agent. It outlines the terms of your working relationship, what Tory will do for you, and how she gets compensated (typically through the seller's brokerage). Designated representation means Tory is legally obligated to work in YOUR best interest, not the seller's. This protects you throughout the entire buying process.

Here's what's typically covered inside Form 371, section by section:

• Identification of Parties: Names of the buyer(s) and the brokerage, confirming who is being represented and by whom.
• Property Requirements: A description of the type of property you're looking for (location, size, price range, property type). This helps Tory focus her search on what matters to you.
• Duration of Agreement: The time period this agreement covers. You and Tory agree on how long the representation lasts, with a clear start and end date.
• Representation and Duties: Outlines Tory's obligations to you: searching for properties, arranging showings, providing market information, negotiating on your behalf, and advising you through every step. This is where fiduciary duty is defined.
• Compensation: Explains how Tory is compensated (typically through the listing brokerage's commission sharing). You'll know upfront how this works: no hidden fees, no surprises.
• Obligations of the Buyer: Your commitment to work with Tory during the agreement period, to be honest about your needs and finances, and to communicate openly.
• Termination: How either party can end the agreement if things aren't working out, including notice periods and conditions.
• Designated Representation Declaration: Confirms that Tory is your designated representative within the brokerage, and what that means for your protection.

This document outlines the specific services Tory and the brokerage will provide to you as your buyer's agent. It details exactly what you get: property searches tailored to your needs, showings, market analysis, offer preparation and negotiation, connection to trusted professionals like mortgage brokers and home inspectors, and support from start to closing. No hidden surprises. Just a clear breakdown of the value and commitment Tory brings to your home search.

The RECO Consumer Guide is a 13-page document published by the Real Estate Council of Ontario that every buyer should read before entering a real estate transaction. Here's what it covers:

• Client vs. Self-Represented Party: The guide explains the critical difference between being a "client" (someone who has signed a representation agreement and has an agent working in their best interest) versus being a "self-represented party" (someone without an agent, who has no one legally obligated to protect their interests). If you're self-represented, the listing agent works for the seller, not for you. Understanding this distinction is essential before you start looking at properties.
• Your Options: The guide outlines your choices: you can work with a buyer's agent (like Tory) who represents you exclusively, you can be self-represented, or in some cases you may have dual representation (where one agent represents both buyer and seller, which has limitations). Tory will walk you through which option is right for you.
• Types of Real Estate Representation: Explains designated representation, dual representation, multiple representation, and the rules around each. You'll understand exactly how representation works in Ontario and what protections you have.
• Working with a Realtor: What to expect from your agent, what questions to ask, and how to get the most out of the relationship.
• The Buying Process: An overview of the home-buying process in Ontario, from getting pre-approved to closing day.
• Complaints and Discipline: How to file a complaint if something goes wrong, and how RECO protects consumers.
• Your Rights: What you're entitled to as a buyer in Ontario, including transparency, honesty, and full disclosure from your agent.

Tory provides this guide upfront because informed buyers make better decisions. Knowledge is your greatest advantage, and this guide ensures you know exactly where you stand.

As part of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) requirements, Tory is required to verify your identity before you can complete a real estate transaction. This isn't just a formality, it's federal law. Here's what this process involves:

• Identity Confirmation: You'll need to provide government-issued identification (such as a driver's licence or passport) to confirm your full legal name and date of birth.
• Employment and Occupation Details: The form confirms your employment status, your high-level employment role or occupation, and the name of your employer. This helps establish your financial profile and ensures the transaction is being conducted by a legitimate, identifiable person.
• Source of Funds: You'll confirm the source of the funds being used for the purchase (savings, mortgage, gift, etc.). This is part of Canada's anti-money laundering framework and protects everyone involved in the transaction.
• Intention to Purchase: The form confirms your intent to purchase a specific property, linking your identity to the transaction.

This is a standard legal requirement for all real estate transactions in Canada. Tory handles this paperwork seamlessly as part of your buying process. It's quick, straightforward, and keeps your transaction fully compliant with federal law.

This is another FINTRAC requirement, and it's simpler than it sounds. A Politically Exposed Person (PEP) is someone who holds or has recently held a prominent public role, for example:

• • A current or former head of state, government official, or senior politician
• • A senior executive at a government-owned corporation
• • A judge, senior military officer, or diplomat
• • An immediate family member or close associate of any of the above

The vast majority of buyers are NOT politically exposed persons. This form is simply a declaration where you confirm that you do not hold such a role. It's a routine compliance check that helps Canada maintain transparency in real estate transactions and prevent money laundering.

If you ARE a PEP, don't worry, it doesn't prevent you from buying property. It just means additional documentation and reporting requirements that Tory will guide you through.

Most buyers sign this in seconds and move on. It's quick, painless, and keeps your transaction fully compliant with federal regulations.

This is a simple declaration required under federal law. You're basically confirming that you are a Canadian citizen, permanent resident, or otherwise eligible to purchase residential property in Canada. It's a quick "yes, I'm eligible" and a signature. That's it.