Representation Agreements under the new TRESA guidelines:

If you are wondering how your representation agreements with clients will look like under TRESA, this blog will outline the expectations.  

Under REBBA, an agreement with a client must include the amount the client agrees to PAY to the brokerage and, on the side of the seller, the amount the client agrees to pay another co-operating brokerage involved in the transaction.

Under TRESA, representation agreements must identify ANY CIRCUMSTANCES in which the remuneration amounts payable might change and, for each circumstance, an EXPLANATION of “how” the amount might change.  It will also indicate whether one or more brokerages may receive remuneration.

The agreement must also clearly, comprehensively, and prominently, set out the required information, while also including a description of the services to be provided under the term for the agreement.  

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