The form is a contract between the Buyer and a real estate company giving the real estate company the right to act on your behalf. The agreement identifies the parties involved, the geographic location, the commission structure and the types of representation possible in a real estate transaction.
It is important to understand the fine print in any document you sign. After signing this agreement, if you are interested in any properties your agent will find out as much information as possible to assist you in the buying process. If you have not signed a Buyers Representation agreement with your sales representative they should not provide you will confidential information about the listing. Think of it like a marriage, if you are just calling and inquiring about a property the agent will give you basic information similar to the first date, this is to protect the other parties involved.
Once you sign the Buyers Representation Agreement with your agent you have in fact, changed the relationship and you have hired this person to represent you and protect your interests therefore, they will disclose all the information about the property in question. You are married to them for the duration of the agreement or until it is mutually released by both parties.
The Real Estate Council of Ontario (Ontario’s governing body) REBBA Code of Ethics requires that Salespeople have a written Buyer Representation Agreement presented
for signature prior to an offer being presented on behalf of the Buyer.