Question:
What about the utilization of escalation clauses in a thriving market? Interested in perspectives from both buyer’s and listing agents when navigating these conditions during the offer process.
Considering the mixed reviews and weighing the pros and cons of both options, do you believe it could serve as a valuable resource in a bustling market?
Answer:
You should be aware of the fact that there are some jurisdictions where they will nullify contract creation. A Court will “interpret” a contract, but they won’t sit down and sift through a number of Offers to figure out who the winner was. That would mean, you would have nothing at all. Ontario could go either way!
Before TRESA, they wouldn’t work because you couldn’t share content. After TRESA, they are very seldomly used.
Brian Madigan LL.B., Broker