Sometimes agents are looking for a standard procedure associated with the handling of Offers. Here’s is a letter of invitation soliciting Offers and anticipating one round. Here’s an example: My …
Lawyer’s Approval Clauses
Question: I might be inclined to look at a Buyer’s condition drafted as a condition subsequent because it involves less paperwork. Answer: Here are two clauses They are slightly different …
Divorcing Couple Offer Presentation
Question: I have a listing with offer to be presented tonight at 8:00pm. Owners are husband and wife, divorcing. Wife has told me she does not want any more showings …
Chattels and Fixtures Uncertainty – Treatment in Agreement
Question: With respect to Chattels and Fixtures, what simple rule should you follow when drafting an Agreement of Purchase and Sale: A. Rather than use your own judgment as to whether …
What is RECO’s Real Role?
Sometimes, that’s not entirely clear. Lets have a look at a publication from RECO appearing on the RECO website. It appears in the public section of the website. It’s there …
Deposit Forfeiture Clause: Does it have any Meaning?
Question: What do you think on this clause from a Seller’s perspective? “The Buyer hereby acknowledges that in the event of the buyer’s breach of the agreement of purchase and …
Full Purchase Price Paid as a Deposit
Question: A property sells for $750,000.00 and the Buyer’s agent brings a deposit for $750,000.00 with the balance of the purchase price paid on closing. Are there any implications here, …
Inspection Condition and Leverage
Scenario: Seller accepts buyers offer which is conditional upon an inspection (with right to remedy clause). Buyer agent states to the Listing agent the condition is satisfied but would like …
Buyer’s Agent Says they are Waiving their Commission
Question: An agent contacts you that they are bringing in an offer on your Listing, but waiving their commission. Do you disclose to the other agents who are presenting Offers? …
Commission Risks on Power of Sale
Question: If I’m offered a Power of Sale listing that in my opinion will sell for less than the first and second mortgages combined, is there any way to ensure …