Question: Client bought a house with a long six (6) month closing. House was in great condition when the deal was signed. The Buyer visited the premises two (2) weeks …
Clarity Copies of Unreadable Agreements
From time to time, copies of Agreements of Purchase and Sale will simply be unreadable. If you are the real estate agent what should you do? First, they didn’t just …
Chattels Clause in the Agreement
One of the clauses that often gives rise to issues in the Agreement of Purchase and Sale, is the Chattels clause. Set out below is the standard form OREA chattels …
Central Vacuum System in Disrepair
Question: An Agreement of Purchase and Sale contains the following warranty: “all chattels and fixtures shall be in good working order of the closing date” A Professional Home Inspector delivers …
Alternatives to Cancellation of Buyer Representation Agreement
Are there any alternatives to the outright Cancellation? Absolutely, you could terminate the contract or you could amend the contract, on conditions which might include: Compensation for referrals Extension of …
Can the Seller Disclose Information from the Bids?
Seller’s Disclosure of Bids Question: Is it allowable for a Seller to disclose information about the bids? Assume that one of the bidders is a friend of the Seller. Can …
Can the Buyer Take Back Her Offer? (Part 2)
This is actually a question which arises all the time. Some people will say “yes” and others will say “no”. Let’s have a look at the sequence of an Offer. …
Can the Buyer Take Back Her Offer?
This is actually a question which arises all the time. Some people will say “yes” and others will say “no”. Let’s have a look at the sequence of an Offer. …
Buyer Renting Out the Seller’s Property
Question: Can the Buyer following an Agreement of Purchase and Sale advertise the address, use MLS photographs and bring prospective renters through on the “revisits”. Answer: There are several important …
Competitive Offers: Are you in Competition?
This seems straightforward, but really it’s not. The issue is set out in the Code of Ethics published under the Real Estate and Business Brokers Act, 2002. Reference is made, …