Question: My Seller client sent me a request upon review of the draft listing agreement. “Can we add a confirmation that if buyer backs out we are not on hook …
Mortgagees Must Take Possession “Peacefully”
The Ontario Court of Appeal reviewed the rules that apply to mortgagees who take possession of properties when their mortgage is in default in Zapfe Holdings Inc. v. 1923159 Ontario …
A Brief Explanation of Designated Agency
We have to go back over 30 years. Sellers paid a commission to the Listing Brokerage which would then share it with a co-operating Brokerage. However, how they did this …
Consumer Relationships Guide in Alberta
TRESA We are expecting TRESA to be in force in Ontario on 1 April 2023, We are still expecting RECO to introduce and “Information Guide”. We are 10 days out …
When Does a Person become a Self-Represented Party?
Good question! That’s important because under TRESA, a registrant cannot provide services to self-represented parties. But, that’s limited to a “trade”. Other than that, no one cares! Once we move …
TRESA: Are You Ready for Open Bidding?
So, you are a Buyer and the Seller wants to “shop your bid”. In fact, they will go around and tell everybody what your bid was and everything else about …
TRESA: Sharing the Content of Competing Offers
RECO Explanation This is the commentary from RECO: “Under TRESA, if the seller client directs, the registrant is permitted to share the content of competing written offers with every person …
TRESA: Customer relationships/Agreements not permitted
RECO published the following: “The definition of customer, along with the related provisions in the legislation, are removed. This means that a party to a trade will be either a …
Designated Agency is On its way
Possible TRESA Delay In fact, while it had originally been scheduled to be introduced in Part 3 of TRESA, it’s almost ready to go now. If so, that would delay …
TRESA: Facts a seller has a legal obligation to disclose
RECO explaining TRESA sets out the following: “Under TRESA, a new obligation is introduced that requires a registrant representing a seller to disclose facts to a potential buyer, if those …