We have looked at the Attorney appointed under the Listing Agreement for the purposes of investigation and verification of information. Is it actually enforceable? In many situations, it would not …
Real Estate Auctions
There are some rules about this under the Conveyancing and Law of Property Act: “Auctions of estates when sale deemed without reserve 55 Unless in the particulars or conditions of sale …
A Power of Attorney in a Listing Agreement
That seems peculiar! Here’s the clause: “10. VERIFICATION OF INFORMATION: The Seller authorizes the Listing Brokerage to obtain any information affecting the Property from any regulatory authorities, governments, mortgagees or …
Open Bidding: Let’s Hire a “Puffer”
The Liberals were elected federally and one of their platforms was a change to real estate transactions eliminating “blind bidding”. This means that every Buyer would know what the competing …
Payment of the Deposit and Selecting the Correct Clause
From time to time agents run into problems with the deposit clause in the standard Form OREA Agreement of Purchase and Sale. OREA Deposit Clause This is what it says …
Notice of Fulfillment and a Waiver
Do you perceive any particular difference in the meaning of these two documents? They are both used to firm up a deal. What about the central vacuum that didn’t work …
Time and Time Zones
Question: I am buying a property in Kitchener, Ontario but I am in Calgary Alberta. How do I deal with the “time”? Answer: The Agreement of Purchase and Sale already …
Would you Give a Power of Attorney to a Listing Brokerage?
Well, in Ontario, hundreds of thousands of people do every year. It’s not an unlimited Power of Attorney, it does have some restrictions and limitations. Where is it? It’s right …
Mortgage Defaults
Can you charge an increased rate of interest, late payment charges and default fees when a mortgage goes into arrears? Mortgage Default Concerns Increasingly, we see pumped up interest charges, …
No Deposit: The Seller’s Options!
What can the Seller do if the deposit is late or doesn’t arrive at all? There are essentially two options: Affirm the transaction, waive the breach and elect to proceed …