Estate Planning: 30 Year Marriage

Question: The husband and wife have been married for more than 30 years and have 4 adult children. They co-own their primary residence and two condo investments. Can one of …

Insurance: Inspection Report

Question: What happens if the Buyer’s insurance company wants a copy of the inspection report before they’ll confirm insurance coverage? Answer: It’s important to be aware that the relationship between …

Mere Postings: Represented or Not?

Question: Is a mere posting seller considered a Self Represented Party? Answer: Here is the source in the legislation: “Agreements: Trade in Real Estate Representation required 13.3.1 A brokerage shall not …

Form 299: Latent Defects

OREA Form 299: do you like it, do you use it, do you rely upon it or does it mess you up a bit? Form 299 is entitled “Seller Disclosure …

Not Taking over Tenancy

The Buyer included a clause as follows: “The Seller agrees that this agreement is null in case the property is not vacant at the closing date.” This is a rather …

When Does the Clock Start?

Question: Brokerage A has an accepted offer on their listing that includes a condition on the sale of a Buyer’s property with a 48 hour escape clause. Brokerage B gets …

Tenant Thwarts Closing

Question: I have a firm offer on tenanted property. The closing date as stated is slightly over two months from now. No other clause mentions vacant possession in Schedule A …