Question: Is there ever a downside to accepting additional parties as part of an Agreement? I’m talking about extra Buyers. I know that sometimes they are needed in order to …
Late Delivery of Deposit
Question: If a buyer brings deposit for the property after 24 hours of offer acceptance; does the purchase and sale agreement need to be amended for the deposit time? Answer: …
Duties and Obligations Owed to Clients, Customers and the Public
It’s important to have a look at the Code of Ethics under the Real Estate and Business Brokers Act, 2002. Some sections apply to clients, some to customers and …
Better Grow Op Clauses
Recently, the Ontario Court of Appeal in Beatty v. Wei dealt with the standard form OREA Grow House clause and concluded that it was insufficient to protect the Buyer. The …
Insufficient Co-operating Brokerage Commission
Question: What do I do if the co-operating commission is too low? Answer: Here’s the MLS rule R-730 If a Member is unwilling to accept the commission offered on TREB’s …
Latent Defects: Material and Minor Distinguished
Ontario Question: What is the difference between a material latent defect and a latent defect? I understand a material latent defect must be disclosed, but I don’t understand why a …
Deposit Cheque and the Real Estate Trust Account
Question: How many days do you have to make a deposit into the real estate trust account from the acceptance date? Answer: Assuming that the deposit is due upon acceptance, …
Multiple Representation – Winding it up
Ontario Question: If a problem arises in multiple representation and it can only be resolved by winding it up, would then the Brokerage just end either of their Seller or …
A “Mandatary” in a Real Estate Transaction in Ontario
Question: What is a Mandatary? Answer: The Mandatary is an individual appointed to verify either an individual, a corporation or other entity for FINTRAC purposes. Assuming for example that a …
Eliminate Customer Service (REBBA, 2002)
There is no point to customer service at all. Most people don’t understand it and with increased concerns for consumer protection, it should simply be eliminated. It serves no useful …