Question: If a deal fails to close, is the commission still payable? Answer: Yes, because that wasn’t the trigger for payment. Question: What was the trigger for payment? Answer: An …
When Does the Clock Start?
Question: Brokerage A has an accepted offer on their listing that includes a condition on the sale of a Buyer’s property with a 48 hour escape clause. Brokerage B gets …
Acceptance: Late or Right on Time
Question: Offer is irrevocable until 11 pm. Seller’s agent sends an email saying here’s the accepted offer at 11:00 pm on the dot. The seller’s signature under successors and assignors …
Offer Expiration
Question: There seems to be a lot of confusion regarding an irrevocable in an offer. Here’s the dilemma. An offer is written with an irrevocable tonight at 7:00 pm. It’s …
Deposit Due: Time and Date
Question: A property sold last night (May 3rd, a Friday at 9:00 pm) conditional on financing and inspection. Conditions expire on May 6th at 11:59. When is the deposit due? …
No Initials on the Expiry Date of Listing
Question: An agent forgot to get a client to initial expiry date on the listing since the change with TRESA. Now client wants out of the listing and is using …
Precise Time of “Acceptance”
Let’s look at the timeline: Friday Saturday Sunday When was this Offer actually accepted? It was ACCEPTED when the written message either by letter (document), fax or email was sent. …
Confirmation of Cooperation and the Missing Commission
Let’s assume that you have a Buyer Representation Agreement (BRA) in place which enables you to charge your client 2.5%. Then, you come across a property on MLS. It says …
Confirmation of Acceptance: Improperly Completed
COA incorrect It’s important to make sure that the Confirmation of Acceptance (COA) is properly completed. Here’s an interesting scenario. Bob the Buyer submits an Offer which is open until …
Amendment: Meaning when it’s not Used Properly
Buyer has an accepted offer conditional on the following 3 conditions: 1) Inspection, 2) Mortgage Financing, and 3) Environmental Assessment. With the first 2 conditions the Buyer submits an amendment …