Under consideration at the present time is the description of real estate services that should be outlined in the Listing Agreement and the Buyer Representation Agreement.
Here’s a reference to the Information Guide:
“If you are a seller, an agent can:
• Advise you on market conditions and the best strategy to attract buyers and get the best price for your home
• Market or advertise your home, including arranging photographs, videos and virtual tours
• Provide referrals to other professionals you’ll need, like a lawyer or home staging company
• Arrange and attend home inspections and appraisals
• Arrange showings for interested buyers
• Advise you on how to handle competing offers, sharing the content of competing offers, and other aspects of the transaction
• Vet offers and potential buyers to ensure they can afford to buy your property
• Negotiate with buyers to achieve the best results, price, and terms, for you
• Guide you through paperwork and closing the transaction successfully”
“If you are a buyer, an agent can:
• Assist you with getting pre-approvals for financing so you know how much you can afford
• Make you aware of any tax exemptions you might be eligible for
• Gather and share information about neighbourhoods and homes that meet your requirements, and arrange to show you homes you’d like to see
• Make inquiries about zoning, permitted property use, or other aspects of the home
• Advise you on the best approach in competing offer situations and how to protect your offer information
• Negotiate with sellers to achieve the best results, price, and terms, for you
• Guide you through paperwork and closing the transaction successfully
• Provide referrals to other professionals you’ll need (for example, home inspectors, lawyers, or contractors)”
There is also a specific reference to services in the Information Guide:
“The agreement must clearly set out the services you will receive. There is no standard set of services — brokerages offer a variety of service options. You choose the services you want that best meet your needs.
You might enter into an agreement with a brokerage for a specific purpose like, for example, having an agent prepare an offer on a property you want to buy, or viewing a specific property. Some sellers enter into an agreement solely for the purpose of having their property advertised on a local listing service.
Ask the real estate agent about the available services or combination of services that may be right for you and your situation. If there are specific services you need or expect to receive, make sure they are included in the agreement or as a schedule to the agreement. Don’t assume a particular service will be provided if it’s not included in the agreement.”
OREA Standard Forms
The specific examples of services mentioned in the RECO Information Guide are all covered in the standard Listing Agreement and Buyer Representation Agreement as produced by OREA.
A number of commenters have suggested that the services need to be outlined more specifically in a Schedule “A”. If so, perhaps RECO might want to offer or suggest a list.
It looks like OREA has everything covered.
However, if there is a restriction or limitation or condition on a specific service then that should definitely be mentioned in Schedule “A”.
Brian Madigan LL.B., Broker