There can be some unexpected responsibilities with multiple representation. Let’s go through an interesting situation. Bob Jones is a Listing agent, and he is selling Seller Sam’s property. Mary Brown …
NOF not Required if No Condition
Some seller clients had asked me recently about the fulfillment of conditions form 124. They had emailed me lots of documents which were required to satisfy a condition of purchase. …
Disclosures under the Act and Regulations
General Regulation under TRESA There are some policies and procedures set out in the legislation which are new to Regulation 567/05 being the General Regulation, including a paragraph dealing with …
Use of Forms in Real Estate Transactions
OREA Forms “likely” There are some policies and procedures set out in the legislation which are amendments and changes to Regulation 567/05 being the General Regulation. “Forms 2.1 A registrant shall …
Suicide Disclosure
Question: Does a suicide in the unit have to be disclosed by the seller? Or is it a buyer beware type of situation? Answer: The law does not require the …
Time for Closing: 5:00 pm or 6:00 pm?
There used to be a time when agreements of purchase and sale provided that transaction must be completed prior to 4:30 pm on the date scheduled for closing. Now that …
Spousal Consent: Implied or Informed?
Now, we all know that the legal spouse must provide a consent under the Family Law Act in respect to the sale or mortgage of a matrimonial home. The real …
Warning Clauses in Agreements by Realtors
Within the last few years it has become increasingly common for realtors to place warnings within the terms of the agreement of purchase and sale. Precedents for such clauses abound, …
Seller: Accept, Reject or Counter Offer
Most people seem to know that a Seller upon the presentation of an Offer, may: 1) accept the Offer,2) reject the Offer, or3) counter the Offer. Actually, when it comes …
Phantom Offers
The real question is: does the phantom offer really exist! Maybe, and maybe not. A phantom offer, of course, is an offer which is make-believe, it’s imaginary, it’s simply pure …