Question: An agent listed a condo with a rental furnace. Brokerage remarks state furnace is rental $90 month. Offer did not include the rental and both agents missed it, supposed …
Furnace is a Rental – Just Found Out Before Closing
Question: I am the Buyer’s agent. Three days before closing I just found out the furnace is a rental. What can be done? Answer: The furnace is a fixture in …
Execution of the Mutual Release in Real Estate Transactions
The issue presents itself with every failed transaction. Sign the Mutual Release, give the Buyer his deposit and move on. But, is that really the best idea? In a number …
Does a Proposed Amendment Allow the Seller to Accept other Offers?
This is an interesting question. First, without the Buyer doing anything, the Seller can always entertain and accept a “back-up Offer”. So, this one is only a “go” if the …
Documenting a Co-operating Commission Increase
Question: I am a Listing Agent. The Listing is at 4.0% with 2.0% being offered to the Co-operating Brokerage. The Buyer’s agent wants his side increased from 2.0% to 2.5%. …
Discovery of Defect Just Before Closing
What happens if a defect of some kind is discovered right before closing? This could easily take place on the Buyer’s final walkthrough. At this point, the Seller has moved …
Creating the Revocable Offer
Working Twice as hard on Bidding War Night From time to time, particularly in heated real estate markets it may be wise to draft a revocable Offer, that is, one …
Competing Offers and Disclosure
Competing offer situations—commonly referred to as bidding wars—are common in some areas of Ontario. As of July 1, 2015 real estate professionals across Ontario have new rules for how they …
Commencement or Start of Day
Just when does the day begin? Sometimes, a minute or two can make a real difference. For real estate, there are days and then there are days. There are closing …
Changing the Substance of the Title Clause
Over the years, the title clause in the standard form real estate transaction has changed. The title clause was amended several times. Initially, it provided for: good title, then it …