Question:
I had a long listed listing up and finally sold conditional. Then, I found out the Buyer’s agent is actually fronting the deposit of $10,000.00
Answer:
The Buyer’s agent must disclose their personal interest in this acquisition.
If there’s no money for a deposit, is there any money available for a purchase?
If they are selling another property, then bump up the deposit to 5%, and rather than cash have it as a mortgage of the Buyer’s property.
The failure to indicate that they were fronting the deposit makes them subject to discipline by RECO without the Disclosure Form completed and submitted in advance.
Brian Madigan LL.B., Broker