A lawyer may be retained by a consumer in two capacities with respect to a real estate transaction: In many situations, a lawyer is consulted to draft an Offer. The …
Lawyers Acting for Buyers: Paperwork
Question: We have a request from a lawyer that he has a client interested in one of our listings and wants to show them the property He wanted the lockbox …
Time of the Essence and 9 minutes Late
The Ontario Court of Appeal looked at a case where the delivery of the funds for closing was 9 minutes late. That was unfortunate for the Buyer since the Seller …
Don’t Fall for Commission Reduction Strategies
Question: I have a Listing and I just got a call from a Buyer agent who is presenting an offer and would like to reduce the commission substantially. We are …
Review of Compensation Rules under PropTx
Brian R. Madigan LL.B., Broker Note: my comments in italics ARTICLE 7 – REMUNERATION 7.01 The Rules herein are subject to the terms and conditions of the MLS® Listing Agreement …
Listing Agent’s Notice Obligations
Question: This is a statement in an MLS Listing: “Seller has Right To accept Pre-Emptive offers W/O Notice.” The w/o means “without” Doesn’t the Listing agent have to notify anybody …
Expert Witnesses: Their Reports and Their Roles
The Divisional Court recently considered a case involving an appeal from the Licence Appeal Tribunal and made certain comments related to an Expert Witness Report. Refer to: Plante v. Economical …
Understanding the Confirmation of Acceptance (3)
Question Three What is the purpose of the Confirmation of Acceptance (COA)? Answer: The purpose of the Confirmation of Acceptance is to set the clock running. It is not part …
Understanding the Confirmation of Acceptance (2)
Question Two The Confirmation of Acceptance is set out in the Agreement of Purchase and Sale. Who signs it? Let’s look at the following scenario. Two Buyers execute an Offer …
Understanding the Confirmation of Acceptance (1)
Question One When should the Confirmation of Acceptance be signed and who should sign it? Answer: Brian Madigan LL.B., Broker www.OntarioRealEstateSource.com