The Termination Of Buyer Agency Agreement Form is a crucial legal document used in Canadian real estate transactions when a buyer and their real estate agent/brokerage mutually agree to end their professional relationship before its natural conclusion or when either party wishes to terminate the relationship according to the terms of the original agreement. This document is essential for risk management and legal compliance, as it clearly documents the end of fiduciary duties, addresses any outstanding obligations or commissions, and provides legal protection for all parties involved. The form must comply with provincial real estate regulations, including specific requirements from provincial real estate councils and regulatory bodies. It's particularly important in situations where the buyer wishes to work with a different agent or when the professional relationship is no longer beneficial for either party.
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1. Parties: Identification of the Buyer(s) and the Brokerage/Agent, including full legal names and contact information
2. Background: Reference to the original Buyer Agency Agreement, including its date and any identifying numbers or references
3. Definitions: Key terms used in the termination agreement, including 'Original Agreement', 'Effective Date', and 'Termination Date'
4. Termination Statement: Clear statement that both parties agree to terminate the Original Agreement and the effective date of termination
5. Release of Obligations: Statement releasing both parties from future obligations under the Original Agreement
6. Execution: Signature blocks for all parties, including dates and witness provisions if required
1. Outstanding Commissions: Used when there are potential commissions that may be payable for properties shown or negotiations initiated during the agency period
2. Surviving Obligations: Used when certain obligations from the original agreement need to survive the termination
3. Confidentiality: Used when specific confidentiality obligations need to continue past termination
4. Dispute Resolution: Used when parties want to specify how any future disputes related to the termination will be handled
5. Return of Materials: Used when there are documents, keys, or other materials that need to be returned between parties
1. Schedule A - Property Showings List: List of properties shown to the buyer during the agency period, relevant for potential future commission claims
2. Schedule B - Outstanding Negotiations: List of any properties where negotiations were initiated but not concluded
3. Appendix 1 - Original Agreement: Copy of the original Buyer Agency Agreement being terminated
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