A Buyer Representation Agreement (frequently shortened to BRA) is an exclusive legitimate contract between you as a homebuyer and your real estate agent signed to legitimize your business relationship. The agreement turns a homebuyer into a client of a real estate agent. Are you currently looking to terminate your BRA in Ontario? Keep reading for details.
Can You Cancel Buyer Representation Agreement?
Buyer Representation Agreements are usually not so easy to cancel. Nevertheless, it’s more than possible. And that’s where OREA form 301 comes in particularly handy. In order to terminate your BRA, both sides need to sign this created-for-this-specific-purpose form. The brokerage may assign you a different real estate agent if you’re not pleased with your current one. Usually, these situations resolve in a smooth way, for most realtors are very flexible when it comes to canceling contracts with unsatisfied clients, rather than continuing to invest in a destructive relationship. With that said, to make the Cancellation of Buyer Representation Agreement Form come into effect, it must be signed by both the buyer and the realtor.
Reasons for Cancellation of the Agreement
There’s a multitude of reasons behind a homebuyer’s decision to terminate their BRA. From general dissatisfaction to the mutual lack of interest in getting along to ineffective cooperation, there are situations when ‘breaking up’ is the best decision for both sides. Here are the possible reasons for firing your realtor:
- Your home isn’t selling.
- The whole cooperation process exhausts you.
- Your real estate agent fails to stay in contact with you on a regular basis.
- Your real estate agent doesn’t ‘practice what they preach’.
- Your realtor’s marketing doesn’t live up to your standards.
- The price of the property has been over- or under-exaggerated.
- Many pending agreements failed to be approved.
- Your real estate agent’s recommendations turned out to be unprofessional.
How to Write Form 301 OREA
Begin filling out the form by specifying the name of the brokerage. Proceed by providing your full name, too. Indicate the date when Buyer Representation Agreement was signed and thus, came into effect. Indicate its expiration date, as well.
Provide details about why you made a decision to terminate your BRA in the first place. Both the homebuyer and the broker/record manager should sign the Cancellation of Buyer Representation Agreement Form 301. Upon being signed, the document officially comes into force.
If you’re currently on the prowl for the best way to fill out, sign, and forward this form to your real estate agent, opt for PDFLiner. In their ample catalog, you’ll easily find the necessary template (it’s free), fill it out digitally, and adjust it to your needs. Their digital signature tool allows you to send files for e-signature and receive them back already signed within mere minutes.
How to Choose a Real Estate Agent
Choosing a reliable and overall appealing real estate agent can be challenging. But if you succeed in it, you won’t ever need to invest your treasured time in filling out the real estate cancellation form. Below, we’ve provided a few useful tips on finding the right realtor:
- conduct in-depth market research;
- ensure the person that has caught your eye can be trusted;
- ensure they’re professional to the max;
- don’t be shy to ask the person about their experience;
- talk to your friends or colleagues and see if they can recommend a solid realtor.
The Bottom Line
Haven’t found the right realtor on the first try? Facing months without any progress at all? No worries. Terminating the contract with the real estate agent you’re not satisfied with is possible with OREA form 301. Just keep laser-like focus on filling it out properly and negotiating it with the other party.