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Binge watching these videos the night before my sim 1 exam and they're solidifying everything that was covered in the last 4 sessions. Incredibly informative and practical. Thanks so much for putting it all together, Callum! Keeping it real 😂 🏠
@@LaurenH100 it was so much better than i thought! The role plays at first made me super nervy but once you start its a good flow as everyones pretty much in the same boat. Thank you!! Yess its such a vibe and thrive 🤣🥰 the tears are worth it 😂 GO GET THISSS!!!
So our current landlord sold our house back in March of 2022, we have until July 1st to find a place. The realtor we have been working with for the past month had my mom sign a form 300 she told my mom she had to sign it for us to work with her and because my mother is older and stressed about finding a place she signed it. The realtor hasn’t been very helpful. I’ve actually been the one finding all the houses, she hasn’t shown us one that fits in our price range at all even though we have repeatedly told her the houses she is suggesting are 3x what we can afford and we aren’t comfortable with spending that much. She’s also refused to submit our rental applications to multiple houses now because she didn’t like the other agent because of “personal” history. This past month has been nothing but stressful for us and she initially said the contract was for 30 days, in another document it says 90 days and in the form 300 it says we have agreed to work with her until September 2022. None of this makes sense and at this point my mother’s health is being put at risk due to stress. If our agent isn’t working for us and the relationship is becoming toxic how can we terminate this contract?. We have decided to move in with some family for the summer but we aren’t looking to buy or rent anytime soon and if a situation came up where we were able to do either of those we are no longer comfortable with her or even working with the brokerage she works for. Any advice is welcome She has also lost my personal information about 4x now if that is important to getting us out of the contract
Thanks for the useful video. I'd like to have examples of how to explain to the Buyer the implications of all options within clause 2 Compensation. If a % is not indicated, but rather the option "or AS OFFERED BY SELLER' is, what does it really mean for the Buyer? Thanks
Personally a video like this would have helped me memorize them much faster. If you can as well maybe get your hands on a BRA and write down what I say as you follow along. It will start to stick. 👍
That is very helpful, Callum. For the first time, I signed a BRA without fully understanding it, with the location as Ontario (ON) for a duration of one year. A few months later, after three unsuccessful bids, I asked my agent to show me some properties outside of the GTA. The agent refused, stating that they only work within TRREB. Upon discovering that there are many real estate boards within Ontario, I requested that the agent amend the BRA to change the location from ON to TRREB. The agent ignored my request, and when I called the broker of record several times, they were unwilling to help. Finally, the agent issued an amendment with the location changed to TRREB but extended the duration for another year. Fortunately, I read the amendment and did not sign it. Since then, both the agent and the broker of record have stopped responding to my requests. In this situation, what can I do and what is my best approach? Thanks so much, Callum.
this video was very helpful! are you able to breakdown mortgages and the advantages and disadvantages of each kind, mortgagors/mortgage era rights, etc. pretty much what course 2 talking about in module 5.
Hi Callum Moore, thanks for the useful video. My ex agent filled a case against me for breaching the BRA. But we were unaware of signing a BRA with him. Then we came to know that he attached it along with the offering docs. We also noticed that in the BRA the fields like My address, geographic location, property type, commission % and commission paid within, all the mentioned fields were left blank. But in the case file he has edited the signed doc and included all the missing fields. We went to a lawyer and filed a defence against him and waiting for the hearing. It would be great if you can share your feedback on this. Thanks
WOW... so sorry to hear that. Yes, you are doing everything right and if he did indeed alter a signed document like you are suggesting this agent will be out of the business. Maybe even more. Sorry to hear Anuja, you are doing the right thing, keep me posted. 🙏
Hey, we put an offer through one of the agent. With the offer he made us sign the BRA which they didn’t explain it to us in any way. And the holdover period is 120 days. We pulled out the offer due to some reasons. Because of not explaining what we were signing into we don’t trust them now and we asked them to cancel the BRA but they said they cannot cancel it now even the brokerage is denying to cancel and they are threatening us if we buy other property through some other agent they will find out and take their commission. On the other hand, we liked other property and we want to buy it but we are waiting for the contract to expire. So if we buy this property through other agent in holdover period do we still owe commission to the previous agent? We are planning to buy the property as soon as contract expires.
regarding section 2 commissions: what does it mean if the blanks are filled out as "2.5% of the sale price of the property or as per listing"? Specifically "as per listing"? Why does buyer need to pay commission to buying agent even in hold over period, doesn't seller do that anyways regardless if it's during the contract date or not? Or does that mean seller and buyer both have to pay this agent 2.5% to make a total of 5%?
As per listing is what we will see as real estate agents on the back end of the MLS. You will see what the listing agent is offering any cooperating agent that brings an offer. No the SELLER of the property pays a commission to sell the property. In the scenario you are saying yes. The SELLER pays 5% to sell their home, 2.5% to the Listing Agent. 2.5% to the Cooperating agent. The BUYERS don't pay any commission. Holdover period is a separate thing that you will see VERY rarely but I do explain it in this video because it's on the exams a lot haha.
This is awesome callum! Thank you! I am only in course 2 and this is very helpful. I am wondering if you can make a video about different kinds real estate property or residential property. The difference, disadvantage and advantages of it. That would be cool! :)
Hi Callum, thanks for the great video! If your client signed this agreement with you and the stated commission is 2.5% under section 2 COMMISSION. Then you find them a house where the commission is only 2%. If the deal goes through, does that mean you'd ask your buyer client to make up the difference? Wouldn't that be a bit awkward? Appreciate if you can share your thoughts. Thanks
Hey glad the video helped! Yes in that case you would look to your buyers for the difference. You would discuss the situation with your buyers prior to making the offer.
Hello, Thank you for making these great videos to help your fellow students🙏 just wondering if you made any videos explaining the customer service agreement for buyers/sellers?! I can't find any on UA-cam.
Hey glad they help Hajir! No I haven't yet. I've had to put making new videos on the OREA forms on the back burner for the time being. I am still emailing back and forth but hoping to make more.
Thank you Callum for these great videos. I'm still confused about this part, is the breakage entitled to remuneration if the client was introduced during the original agreement and the holdover period, or just only when the client was introduced during the original agreement but purchased a home during the holdover period? Thanks
Hey glad the videos help. So I think I see what you are saying, or not getting there. The holdover period only starts once the BRA has expired. Let's say the holdover period is 90 days after the Buyer Representation Agreement expires. If that client is reintroduced back to a property that the original agent had already shown them, then there could be compensation for the original agent. Does that make sense?
For me I would have to explain to them in person. I could mention it on the phone before we go to see our first property/meeting and then maybe the last thing I say before we finish the viewings/meeting. A phone call and a meeting and I can build the trust factor high enough that they won't be put off. But of course gauge your buyers. There are a high percentage of real estate agents that don't use them at all.
Sure. So for example when a home is put up for sale there will be two commissions paid by the seller. Say 2.5% for the listing agent and 2.5% for the cooperating agent to show the property and bring a buyer. Sometimes(very rarely) when a person tries to sell their own home(FSBO) they don't want to pay ANY commission to anyone. They only want the deal to be done with lawyers. In this case the cooperating agent and their brokerage will still need to be paid and if their buyer client really wants this property they will be required to pay the cooperating agents commission. I mention in the video but yes, 99.9% of the time this does not happen and the buyers will still be informed before seeing the property and have to agree to the payment even before buying. They are still in 100% control.
My friend who is a new agent was just informed by her client that she should no longer send her properties for consideration as she already purchased a property - this after multiple showings with my friend and signing the BRA as part of an offer for one of the properties shown ) Should my friend sue at this point? She doesn't know which property her former client bought. What should she do?
Hey so what area did her clients buy in? If it was in the area that they agreed to do business in, then yes your friend (the new agent) is entitled to that commission.
I'm not 100% following what you mean with your question Hemang. If the listing agent is only offering 1% to cooperating agents and your BRA reads 2% if you can't negotiate with the listing agent your buyers will unfortunately have to pay the difference to your brokerage. But what do you mean "and buy new home from same registrant" Not sure what that means.
@@CallumMoorekw thanks Callum for your response, appreciate it. There are some registrants who are offering reduced commission if someone sells and then buys a new home from the same registrants.
Another great video! Prepping for my SIMS 1 course and really enjoying the way you put your content together, very helpful. A question in regards to Referral of Property, if the BRA is not signed by buyers, but we are still working with them to find a home, are we still owed commission if they find a home on their own and purchase? TIA
Hey glad it helped! So in that situation you wouldn't have anything documenting your agreement to work together. Of course it would have to be a very rare situation if they weren't also working with another Realtor you weren't aware of. It would most likely be a FSBO and that FSBO would not be paying a buyer commission. I know a lot of agents that don't use BRA's. It's scenario based for me as well. If you just met clients or they found you in a weird way and want you to show them 4+ properties. I would ask them to sign because they could be shady. But if it's a close client I would only get them to sign right before the offer. Again glad the vid helped Jeremy reach out anytime and GL on SIMS 1!
Hey, we put an offer through one of the agent. With the offer he made us sign the BRA which they didn’t explain it to us in any way. And the holdover period is 120 days. We pulled out the offer due to some reasons. Because of not explaining what we were signing into we don’t trust them now and we asked them to cancel the BRA but they said they cannot cancel it now even the brokerage is denying to cancel and they are threatening us if we buy other property through some other agent they will find out and take their commission. On the other hand, we liked other property and we want to buy it but we are waiting for the contract to expire. So if we buy this property through other agent in holdover period do we still owe commission to the previous agent? We are planning to buy the property as soon as contract expires.
Hi Callum, thank you for this helpful video. If a buyer signs an agreement but then views and puts an offer/buys a home on their own OR buys a new build home, is the buyer then required to compensate the realtor they signed the BRA with?
Yes for sure. This agreement means that you are working for your client but you are also working together. If your client finds a property that matches what you are searching for in the agreed upon area you will be compensated.
You are a savior!! Cannot thank you enough. During a purchase realtor sent us an online Form300 asking our initials for "...if the agreement exceeds 6months..." even though expiry was 90days. We asked to remove the initials for 6+ months. To this realtor says this is there so that they can help with future purchase. Nasty realtor was trying to trapping us to take next property from them or else they would get commission from another realtor. IMO 6+months concept is flawed since it can trap a customer to a brokerage for perpetuity! Is there a way to come out of this 6+ months agreement to buy a single home directly from builder or a different realtor?
Hey sorry to hear that. I would ask him to send you a Form 301 Cancellation of Buyer Representation Agreement. I would also have to see the contract but depending on the agreed area you might still be able to hire another Realtor. But yes, if it's in the same area I would get them to cancel it. It doesn't sound like it's been transparent communication.
@@CallumMoorekw Thanks Callum again for the valuable suggestion. The agent didn't explain anything, just emailed the docs. I might reach out to you over email for a review. Have a good weekend!
Hey Callum, my buyer says that and offer only needs to be accepted or rejected by the stated deadline. But that it can be countered at any time after the deadline... is this an abnormal practice? We have done this twice and it always confuses me how that is allowed.
Sure so a counter is essentially a new contract with a new irrevocable. You as the buyer are now in control and can decide to accept, decline or do nothing and let it expire.
If the house listing came out after expiration of contract and during holdover period, and I made purchase with other brokerage, did I need to pay commission to my previous brokerage?
You will not no. There are a lot of things to happen for you to owe anything to your previous salesperson. They will have had to show you that property in particular, also it would be the difference in commission if any. So even if they had shown you the property and then the contract expires and there was no difference in commission being offered, you wouldn't owe anything.
@@CallumMoorekw Thanks for the reply. I also have concerns about paragraph 4 “referral of properties”. Does it mean if the house came out during contract, I would need to buy from my previous broker during holdover period? I am confused about the terms “came to buyers attention during the currency of this agreement”and “act in good faith and work exclusively with the brokerage.”How do they determine if it came to my attention or I acted in good faith and worked exclusively with my broker during contract?
Hi, question: I don't like the current realtor, and I feel like he is dishonest and scamming me. How do I terminate this contract so that I can move on to a different brokerage, and avoid the unnecessary commission?
Hey sorry to hear Matt. You can ask for a mutual release from your current contract. Express your concerns and they should send you a real a release contract from your buyer agreement. Email me here if you end up still looking for a property. Myself and my team can help. - callummoorekw@gmail.com callum.moore@exprealty.com
I don't think you explanation is entirely correct because it states under commission that "The buyer agrees to pay the brokerage such commission if the buyer enters into an agreement with 90 days ... property shown or introduced to the buyer from any source during this Agreement ..." which means it is not just protecting the work that you(realtor) have done, but also enabling realtors to collect commission during this period even if they didn't do anything. I almost feel like this current realtor of my was presenting me fake market price to make me offered and signed a contract, and after the offer, the realtor told me to offer $100k more than what I previously offer, which already above the listing price. After that, he didn't do any thing but set a automated email to send me new listing, which I can easily lookup online myself. And each time I was interested, he told me to offer at least $100k more than the listing or else discouraged me. It is just very weird. And buyer agents can never be in the interest of buyers because of this kind of % base commission. 🙄 The higher price the house get sold, the buyer agent get more commission. That is already conflict of interest!!!! Am I the only seeing this?
Hey sorry to hear Matt. I got to your other question. Because some agents don't use the OREA forms you may have a completely different Buyer Agreement. But look to my other response if you need any help.
The Buyers Representation Agreement is very one-sided it protects the Agent only and puts the Buyer at risk. 1. It allows the Agent to represent multiple clients on the purchase of the same house - this is a clear conflict of interest. 2. The only termination clause is a time commitment - this is complete nonsense there needs to be a non-performance clause as well 3. It commits the buyer to guarantee the buyer commission even if you terminated that agent for non-performance 4. When i buy a house from a developer I can modify their standard agreement if agreed between both parties. But agents tell me their not allowed to modify the agreement - this ridiculous As far as ethics go - given the choice between trusting a lawyer, used car saleperson or real state agent then I would pick the used car salesperson. This contract needs to change
I'm not too sure what you mean on this one. What don't you trust? In the video I (as a Realtor) breakdown the contract in complete transparency. At the end of it you should feel the opposite.
Request commission - you wording is slimy - that's not what the agreement says. You are obligated to pay the stated commission - this is why people do not trust real estate agents
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3 years later but just wanted to say thanks for the clear explanations in your videos. Great explanations.
Thanks David, glad it helped!
Binge watching these videos the night before my sim 1 exam and they're solidifying everything that was covered in the last 4 sessions. Incredibly informative and practical. Thanks so much for putting it all together, Callum! Keeping it real 😂 🏠
😀😀😀 Thanks Darya!
How was your sims 1? Hope you are licensed and loving it!
@@LaurenH100 it was so much better than i thought! The role plays at first made me super nervy but once you start its a good flow as everyones pretty much in the same boat. Thank you!! Yess its such a vibe and thrive 🤣🥰 the tears are worth it 😂 GO GET THISSS!!!
@@dtre-uq7sc hahahaha I believe it I am also nervous! LOVE TO HEAR THAT!!!!👏🏻👏🏻👏🏻😊😂
As a student preparing for Simulation Session 1, this is concise and quite helpful! Love all the insight and your videos! Thank you!
Really glad it helped! Thanks for that, really appreciate it! 😀👍
8:29 🤣👍👍 Thank you Callum!
I am looking to make a career move into real estate, and I am feeling really excited!
Love it love ❤️ it
I love your voice and your relaxing explanation
Hey so glad it helped Rashin!
Try to say Indemnification 3 times fast lol. Impossible word apparently. 😄
You got me there... for a moment i thought my internet is breaking 🤣🤣🤣🤣🤣🤣
@@thakur1006 😄
LOL!
Great video Callum .......you make it very simple to follow along! 😊
Awesome to hear Kevin thanks for that! 😀
Another amazing and informative video! This pretty much covers Sim 1 😀
Hey too good great to hear! 😀
Hi Callum! What is the difference between OREA Form 346 and Form 372? (Tenant Representation and Tenant Designated Representation). Thanks!
Thank you for sharing Callum! Your videos are so helpful! We will be in touch soon.
Sounds good Aman! No problem glad it helped! 😀
So our current landlord sold our house back in March of 2022, we have until July 1st to find a place. The realtor we have been working with for the past month had my mom sign a form 300 she told my mom she had to sign it for us to work with her and because my mother is older and stressed about finding a place she signed it. The realtor hasn’t been very helpful. I’ve actually been the one finding all the houses, she hasn’t shown us one that fits in our price range at all even though we have repeatedly told her the houses she is suggesting are 3x what we can afford and we aren’t comfortable with spending that much. She’s also refused to submit our rental applications to multiple houses now because she didn’t like the other agent because of “personal” history. This past month has been nothing but stressful for us and she initially said the contract was for 30 days, in another document it says 90 days and in the form 300 it says we have agreed to work with her until September 2022. None of this makes sense and at this point my mother’s health is being put at risk due to stress. If our agent isn’t working for us and the relationship is becoming toxic how can we terminate this contract?. We have decided to move in with some family for the summer but we aren’t looking to buy or rent anytime soon and if a situation came up where we were able to do either of those we are no longer comfortable with her or even working with the brokerage she works for. Any advice is welcome
She has also lost my personal information about 4x now if that is important to getting us out of the contract
Thanks for the useful video.
I'd like to have examples of how to explain to the Buyer the implications of all options within clause 2 Compensation. If a % is not indicated, but rather the option "or AS OFFERED BY SELLER' is, what does it really mean for the Buyer? Thanks
you are the best
Very well explained thank you
Glad it helped Gurdeep! 👍
1:27 Thank you Callum!
No problem! 👍
Hey Callum, Any tips on what you did to get this memorized and so clearly communicated
Personally a video like this would have helped me memorize them much faster. If you can as well maybe get your hands on a BRA and write down what I say as you follow along. It will start to stick. 👍
@@CallumMoorekw Thank you
@@goddessqueen2170 No problem!
Another fantastic video..thank you!!
Thanks Michelle glad it helps! 😀
Great video as always, thanks for taking the time to go in detail.
Appreciate that! 👍👍 No problem glad it helped! 😀
great video Thank you so much
Hey Farah glad it helped!
Hey Callum can you explain the holdover period please. Thanks😊
Hey! I cover it in this video @4:45 👍
@@CallumMoorekw 🥰
That is very helpful, Callum. For the first time, I signed a BRA without fully understanding it, with the location as Ontario (ON) for a duration of one year. A few months later, after three unsuccessful bids, I asked my agent to show me some properties outside of the GTA. The agent refused, stating that they only work within TRREB.
Upon discovering that there are many real estate boards within Ontario, I requested that the agent amend the BRA to change the location from ON to TRREB. The agent ignored my request, and when I called the broker of record several times, they were unwilling to help. Finally, the agent issued an amendment with the location changed to TRREB but extended the duration for another year. Fortunately, I read the amendment and did not sign it.
Since then, both the agent and the broker of record have stopped responding to my requests. In this situation, what can I do and what is my best approach? Thanks so much, Callum.
Hey sorry to hear on this Henri. I got your email as well I just responded there.
this video was very helpful! are you able to breakdown mortgages and the advantages and disadvantages of each kind, mortgagors/mortgage era rights, etc. pretty much what course 2 talking about in module 5.
Glad the video helped! Yea I might add it to the list for sure. 👍
Thank you 🙏
Hi Callum Moore, thanks for the useful video. My ex agent filled a case against me for breaching the BRA. But we were unaware of signing a BRA with him. Then we came to know that he attached it along with the offering docs. We also noticed that in the BRA the fields like My address, geographic location, property type, commission % and commission paid within, all the mentioned fields were left blank.
But in the case file he has edited the signed doc and included all the missing fields. We went to a lawyer and filed a defence against him and waiting for the hearing. It would be great if you can share your feedback on this.
Thanks
WOW... so sorry to hear that. Yes, you are doing everything right and if he did indeed alter a signed document like you are suggesting this agent will be out of the business. Maybe even more. Sorry to hear Anuja, you are doing the right thing, keep me posted. 🙏
@@CallumMoorekw thank you so much. Will keep you posted.
Hey, we put an offer through one of the agent. With the offer he made us sign the BRA which they didn’t explain it to us in any way. And the holdover period is 120 days. We pulled out the offer due to some reasons. Because of not explaining what we were signing into we don’t trust them now and we asked them to cancel the BRA but they said they cannot cancel it now even the brokerage is denying to cancel and they are threatening us if we buy other property through some other agent they will find out and take their commission. On the other hand, we liked other property and we want to buy it but we are waiting for the contract to expire. So if we buy this property through other agent in holdover period do we still owe commission to the previous agent? We are planning to buy the property as soon as contract expires.
Number 5 😂😂😂 i really like your video!!!
regarding section 2 commissions: what does it mean if the blanks are filled out as "2.5% of the sale price of the property or as per listing"? Specifically "as per listing"? Why does buyer need to pay commission to buying agent even in hold over period, doesn't seller do that anyways regardless if it's during the contract date or not? Or does that mean seller and buyer both have to pay this agent 2.5% to make a total of 5%?
As per listing is what we will see as real estate agents on the back end of the MLS. You will see what the listing agent is offering any cooperating agent that brings an offer. No the SELLER of the property pays a commission to sell the property. In the scenario you are saying yes. The SELLER pays 5% to sell their home, 2.5% to the Listing Agent. 2.5% to the Cooperating agent. The BUYERS don't pay any commission. Holdover period is a separate thing that you will see VERY rarely but I do explain it in this video because it's on the exams a lot haha.
This is awesome callum! Thank you! I am only in course 2 and this is very helpful.
I am wondering if you can make a video about different kinds real estate property or residential property. The difference, disadvantage and advantages of it. That would be cool! :)
Awesome glad it helps! Really, really good idea! I’ll add it see what I can do! 👍👍
Hi Callum, thanks for the great video! If your client signed this agreement with you and the stated commission is 2.5% under section 2 COMMISSION. Then you find them a house where the commission is only 2%. If the deal goes through, does that mean you'd ask your buyer client to make up the difference? Wouldn't that be a bit awkward? Appreciate if you can share your thoughts. Thanks
Hey glad the video helped! Yes in that case you would look to your buyers for the difference. You would discuss the situation with your buyers prior to making the offer.
Hello,
Thank you for making these great videos to help your fellow students🙏 just wondering if you made any videos explaining the customer service agreement for buyers/sellers?! I can't find any on UA-cam.
Hey glad they help Hajir! No I haven't yet. I've had to put making new videos on the OREA forms on the back burner for the time being. I am still emailing back and forth but hoping to make more.
Thank you Callum for these great videos.
I'm still confused about this part, is the breakage entitled to remuneration if the client was introduced during the original agreement and the holdover period, or just only when the client was introduced during the original agreement but purchased a home during the holdover period? Thanks
Hey glad the videos help. So I think I see what you are saying, or not getting there. The holdover period only starts once the BRA has expired. Let's say the holdover period is 90 days after the Buyer Representation Agreement expires. If that client is reintroduced back to a property that the original agent had already shown them, then there could be compensation for the original agent. Does that make sense?
@@CallumMoorekw Yes! Thank you very much. I appreciate your help
Thanks for the info! What is the best practice for getting a buyer to sign the BRA? Should they sign before we search or right when making an offer?
For me I would have to explain to them in person. I could mention it on the phone before we go to see our first property/meeting and then maybe the last thing I say before we finish the viewings/meeting. A phone call and a meeting and I can build the trust factor high enough that they won't be put off. But of course gauge your buyers. There are a high percentage of real estate agents that don't use them at all.
@@CallumMoorekw thank you!
@@CallumMoorekw for those agents that don't use them at all - does that mean they don't collect any commission in the end?
@@billiejoboyd2022 No definitely not. The confirmation of cooperation and representation outlines how commission will be paid.
very informative.
Glad it helped Varinder. 👍
Howdy. Very informative video but could you explain or talk on the buyer’s commission payment please?
Sure. So for example when a home is put up for sale there will be two commissions paid by the seller. Say 2.5% for the listing agent and 2.5% for the cooperating agent to show the property and bring a buyer. Sometimes(very rarely) when a person tries to sell their own home(FSBO) they don't want to pay ANY commission to anyone. They only want the deal to be done with lawyers. In this case the cooperating agent and their brokerage will still need to be paid and if their buyer client really wants this property they will be required to pay the cooperating agents commission. I mention in the video but yes, 99.9% of the time this does not happen and the buyers will still be informed before seeing the property and have to agree to the payment even before buying. They are still in 100% control.
Great content as always!
Glad it helped Daniel!
Hi , do you have word doc ? Can I get it? For the sim 1&2
My friend who is a new agent was just informed by her client that she should no longer send her properties for consideration as she already purchased a property - this after multiple showings with my friend and signing the BRA as part of an offer for one of the properties shown ) Should my friend sue at this point? She doesn't know which property her former client bought. What should she do?
Hey so what area did her clients buy in? If it was in the area that they agreed to do business in, then yes your friend (the new agent) is entitled to that commission.
Excellent video
Thanks Adarsh! 👍
Yay!! Thank you for this!
😄 Awesome np!
Hey Callum, how does it work on BR when registrant are offering 1% to sell homes if they sell and buy new home from same registrant?
I'm not 100% following what you mean with your question Hemang. If the listing agent is only offering 1% to cooperating agents and your BRA reads 2% if you can't negotiate with the listing agent your buyers will unfortunately have to pay the difference to your brokerage. But what do you mean "and buy new home from same registrant" Not sure what that means.
@@CallumMoorekw thanks Callum for your response, appreciate it. There are some registrants who are offering reduced commission if someone sells and then buys a new home from the same registrants.
@@hemang14 Ah ok. Yes you can write conditions like that into schedules if you like. Or your brokerage may have separate in-house forms.
@@CallumMoorekw thanks Callum, I am on Sim1 your content is super helpful. Thanks for all the efforts you put in
Another great video! Prepping for my SIMS 1 course and really enjoying the way you put your content together, very helpful. A question in regards to Referral of Property, if the BRA is not signed by buyers, but we are still working with them to find a home, are we still owed commission if they find a home on their own and purchase? TIA
Hey glad it helped! So in that situation you wouldn't have anything documenting your agreement to work together. Of course it would have to be a very rare situation if they weren't also working with another Realtor you weren't aware of. It would most likely be a FSBO and that FSBO would not be paying a buyer commission. I know a lot of agents that don't use BRA's. It's scenario based for me as well. If you just met clients or they found you in a weird way and want you to show them 4+ properties. I would ask them to sign because they could be shady. But if it's a close client I would only get them to sign right before the offer. Again glad the vid helped Jeremy reach out anytime and GL on SIMS 1!
@@CallumMoorekw Makes sense! Thanks again for your time!
@@jeremystewart8599 No problem! 👍
Thank you so much!
No problem! 😀
Thank you🙏🕉️
No problem, glad it helped!
Very impressive, keep it up
Thank you Arshad. 🙏
Hey, we put an offer through one of the agent. With the offer he made us sign the BRA which they didn’t explain it to us in any way. And the holdover period is 120 days. We pulled out the offer due to some reasons. Because of not explaining what we were signing into we don’t trust them now and we asked them to cancel the BRA but they said they cannot cancel it now even the brokerage is denying to cancel and they are threatening us if we buy other property through some other agent they will find out and take their commission. On the other hand, we liked other property and we want to buy it but we are waiting for the contract to expire. So if we buy this property through other agent in holdover period do we still owe commission to the previous agent? We are planning to buy the property as soon as contract expires.
Hey I answered your same question on the other video you commented on.
Hi Callum, thank you for this helpful video. If a buyer signs an agreement but then views and puts an offer/buys a home on their own OR buys a new build home, is the buyer then required to compensate the realtor they signed the BRA with?
Yes for sure. This agreement means that you are working for your client but you are also working together. If your client finds a property that matches what you are searching for in the agreed upon area you will be compensated.
You are a savior!! Cannot thank you enough.
During a purchase realtor sent us an online Form300 asking our initials for "...if the agreement exceeds 6months..." even though expiry was 90days. We asked to remove the initials for 6+ months. To this realtor says this is there so that they can help with future purchase. Nasty realtor was trying to trapping us to take next property from them or else they would get commission from another realtor. IMO 6+months concept is flawed since it can trap a customer to a brokerage for perpetuity! Is there a way to come out of this 6+ months agreement to buy a single home directly from builder or a different realtor?
Hey sorry to hear that. I would ask him to send you a Form 301 Cancellation of Buyer Representation Agreement. I would also have to see the contract but depending on the agreed area you might still be able to hire another Realtor. But yes, if it's in the same area I would get them to cancel it. It doesn't sound like it's been transparent communication.
@@CallumMoorekw Thanks Callum again for the valuable suggestion. The agent didn't explain anything, just emailed the docs. I might reach out to you over email for a review. Have a good weekend!
@@treverm7455 No problem. 🙂
Hello Callum,
Is it standard for a realtor to make the commission percentage 2.5% + HST? Or should I be able to negotiate for it to be just 2.5 %?
We collect HST as Real Estate agents. So I suppose you would just negotiate the percentage down.
@@CallumMoorekw Thank you for your fast reply. Your video was very informative.
@@dcman5000 No problem glad it helped! 👍
Awesome Video My exam is in 10 days
Hey thanks glad it helped! Good luck on the exam! 👍👍
awesome video
Hey cheers Josh! 😀
Hey Callum, my buyer says that and offer only needs to be accepted or rejected by the stated deadline. But that it can be countered at any time after the deadline... is this an abnormal practice? We have done this twice and it always confuses me how that is allowed.
Sure so a counter is essentially a new contract with a new irrevocable. You as the buyer are now in control and can decide to accept, decline or do nothing and let it expire.
What happens if you show a buyer a home without signing the BRA then the buyer buys it with another brokerage? Is my brokerage owed remuneration?
No. You would need a contract in place to be owed anything.
The prevalent commission rate for buyer’s representative in Kitchener, Waterloo?
2 - 2.5%
If the house listing came out after expiration of contract and during holdover period, and I made purchase with other brokerage, did I need to pay commission to my previous brokerage?
You will not no. There are a lot of things to happen for you to owe anything to your previous salesperson. They will have had to show you that property in particular, also it would be the difference in commission if any. So even if they had shown you the property and then the contract expires and there was no difference in commission being offered, you wouldn't owe anything.
@@CallumMoorekw Thanks for the reply. I also have concerns about paragraph 4 “referral of properties”. Does it mean if the house came out during contract, I would need to buy from my previous broker during holdover period? I am confused about the terms “came to buyers attention during the currency of this agreement”and “act in good faith and work exclusively with the brokerage.”How do they determine if it came to my attention or I acted in good faith and worked exclusively with my broker during contract?
Hi, question: I don't like the current realtor, and I feel like he is dishonest and scamming me.
How do I terminate this contract so that I can move on to a different brokerage, and avoid the unnecessary commission?
Hey sorry to hear Matt. You can ask for a mutual release from your current contract. Express your concerns and they should send you a real a release contract from your buyer agreement. Email me here if you end up still looking for a property. Myself and my team can help. - callummoorekw@gmail.com callum.moore@exprealty.com
As we are realtor.where we can access these forms
Exp realty
You will access these forms from software called Webforms
@@CallumMoorekw thank you 🙏
No problem @@ranjitswatch2500 👍
why you dont explain step by step ??!!!
The image is too offensive
I don't think you explanation is entirely correct because it states under commission that "The buyer agrees to pay the brokerage such commission if the buyer enters into an agreement with 90 days ... property shown or introduced to the buyer from any source during this Agreement ..." which means it is not just protecting the work that you(realtor) have done, but also enabling realtors to collect commission during this period even if they didn't do anything.
I almost feel like this current realtor of my was presenting me fake market price to make me offered and signed a contract, and after the offer, the realtor told me to offer $100k more than what I previously offer, which already above the listing price.
After that, he didn't do any thing but set a automated email to send me new listing, which I can easily lookup online myself. And each time I was interested, he told me to offer at least $100k more than the listing or else discouraged me. It is just very weird.
And buyer agents can never be in the interest of buyers because of this kind of % base commission. 🙄 The higher price the house get sold, the buyer agent get more commission. That is already conflict of interest!!!! Am I the only seeing this?
Hey sorry to hear Matt. I got to your other question. Because some agents don't use the OREA forms you may have a completely different Buyer Agreement. But look to my other response if you need any help.
The Buyers Representation Agreement is very one-sided it protects the Agent only and puts the Buyer at risk.
1. It allows the Agent to represent multiple clients on the purchase of the same house - this is a clear conflict of interest.
2. The only termination clause is a time commitment - this is complete nonsense there needs to be a non-performance clause as well
3. It commits the buyer to guarantee the buyer commission even if you terminated that agent for non-performance
4. When i buy a house from a developer I can modify their standard agreement if agreed between both parties. But agents tell me their not allowed to modify the agreement - this ridiculous
As far as ethics go - given the choice between trusting a lawyer, used car saleperson or real state agent then I would pick the used car salesperson.
This contract needs to change
Great channel! Subscribe!
Hey thanks. 👍
yes indemnification!!!!!!😂
😄
INDEMNIFICATION!!!!!!! I HAVE THE SAME PROBLEM ALSO! hahaha
pffff lol 😄
Dude, no words. This is why i dont trust realtors. Arent you slick?
I'm not too sure what you mean on this one. What don't you trust? In the video I (as a Realtor) breakdown the contract in complete transparency. At the end of it you should feel the opposite.
Request commission - you wording is slimy - that's not what the agreement says. You are obligated to pay the stated commission - this is why people do not trust real estate agents
Thank you so much!!
No problem glad it helped!