Potential Homebuyers To Sign Written Service Agreements

The Real Estate Council of Alberta is introducing a new regulation that will affect how consumers buy homes through a licenced real estate professional in the province.

Effective July 1, consumers who are buying or selling residential property and are clients of Alberta real estate professionals will be asked by their real estate professional to sign a written service agreement. While this has long been the standard practice for sellers of residential real estate, it will mark a significant change for buyers who have not often been asked to sign a Buyer Representation Agreement, said the council, which says the new rule will enhance consumer protection.

The written service agreement will define the relationship between the parties; explain the services to be provided by the brokerage; explain the obligations and responsibilities of the parties; provide consent for the collection, use and distribution of personal information of the client; and outline the method of calculation of renumeration or how the industry professional will be compensated.

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