Essentially, there are three possible models to choose from for the real estate industry: Open Bidding System, Closed Bidding System, Cheating Bidding System. The Open Bidding System This system works …
Mediation as the Solution for Defaulted Real Estate Transactions
There are many years where real estate market sees a sudden and unexpected increase in prices, followed by an equally abrupt and sudden decrease in prices. This means that many …
Swimming Pool Clause which Needs Some Work
(Ontario) Here is a swimming pool clause which many agents seem to be using: “The Buyer and Seller acknowledge that the swimming pool was not operational at the time of …
Interpretation of the Lawyer’s Approval Clause
This particular clause has always led to discussion. The application of the “good faith and honesty” doctrine from the Supreme Court of Canada in a recent BC case* sheds some …
Showings for Unrepresented Buyers
Question: I received a showing request from my listing. I called the fellow and asked if he was working with a realtor, to which he said no. I told him …
Offer Withdrawal Before Irrevocable Expiration
Questions: A party ( buyer) making an offer cannot withdraw that offer once it has been accepted by the other party (the seller) and the acceptance is communicated back to …
Getting Around “Good Faith” in Ontario
Question: The standard clauses for financing and inspection which say “absolute and unfettered discretion” are no longer the case. How do you get around that? Answer: There is no obligation …
Joint Tenancy Thwarts Bankruptcy in This Instance
Having property registered in joint tenancy actually worked quite favourably. A doctor acquired a matrimonial home and placed the title in his name together with his wife as joint tenants. …
Rules Related to Signing Representation Agreements in Ontario
Buyer Representation Agreements There are 4 steps to be followed. If a brokerage enters into a buyer representation agreement with a buyer and the agreement is not in writing, the …
Good Faith Contract Performance
Question: A buyer has an accepted offer, conditional on inspection. He’s happy with the inspection, only a few minor issues. He is considering walking away even though he loves the …