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 …
Time is of the Essence
The Ontario Court of Appeal just released a decision on 3 January 2024 dealing with the late payment of the funds on closing. Payment was due at 3:00 pm. At …
Consideration and Seals
In order to have a contract, you need either consideration or seals, one or the other, not both. For standard OREA Agreements, we have both. Consideration is a “promise for …
TRESA: Using Schedule “A” to the Listing
OREA has now drafted up a Schedule “A” to be attached to a Listing. This arose in response to the requirement for clarity when it comes to “services” as set …
Clocks Turn: When’s the Deposit Due?
The clocks were all set back one hour on 5 November 2023. This is a time when many real estate agents want to get their message out to the public: …
Civil Fraud
Civil Fraud Definition A statement made by a person: is fraud from a legal perspective. This definition does back to Derry v. Peek (1889 House of Lords, England). Any one …