The Listing agent once TRESA comes in effect on 1 December 2023 may have some additional information that they would be obligated to disclose. Have a look at s. 22.2 …
Caveat Emptor Comes to an End with TRESA
For hundreds of years, “caveat emptor” or “let the buyer beware” was the prevailing law when it came to real estate transactions. Sellers could expect that Buyers would do “their …
No Agent: Caveat Emptor Still Applies
Have a look at s. 22.2 (1) under TRESA (Regulation 567/05): 22.2 (1) If a seller has a legal obligation to disclose a fact to the buyer and the fact is …
Appliances: Precautions
It is always a good thing for the Buyer’s agent to note the particular appliances by: This way you will know the date of manufacture, whether it is still under …
History of Double Agency
TRESA Let’s roll back the clock by 30 years or so! Sub-agency Sub-agency was in full gear. Yes, there were indeed two agents in a real estate deal, but they …
Buyer’s Agent Fronts the Deposit
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 …
Seller’s Indemnity under Listing Agreement
You may wish to consider the Seller’s obligations to indemnify under the standard form Listing agreement prepared by the Ontario Real Estate Association (OREA). Here’s what the clause looks like: …
Agent’s Obligation to Protect Public from Mortgage Fraud
An agent is not able to simply discount the interests of the public. A real estate agent has a general duty to act professionally and protect the public from mortgage …
Rural Risks: Water and Sewage
I thought that everyone knew this, that’s the reason why most people live in the City. Rural life has its charm, but there are always issues with both water supply …
The Missing Indemnity Clause
This is the case of the “missing” indemnity clause. You might think that there is an indemnity clause because the paragraph starts out with the word “indemnification”. But, naturally, that’s …