A formal written agreement in Ontario between a buyer and a real estate brokerage that establishes the terms under which the brokerage will represent the buyer’s interests in a transaction. Required under RECO regulations when a brokerage enters into a buyer client relationship. It specifies the services to be provided, the duration of the agreement, the geographic area, the type of property sought, and compensation arrangements. Buyers should read it carefully before signing.
Synonyms:
BRA|buyer agency agreement