There are five primary sources of new legal requirements for real estate agents: Statutory laws, Regulatory laws, Changes to the local MLS rules and regulations, Discipline cases published by RECO, …
When Must the Deposit Cheque be Deposited in the Bank?
Featured QUESTION: Salesperson Smith prepares an offer for $435,000 on a property located in Toronto, Ontario, on behalf of Buyer Jones. The offer is drafted and signed by the client …
Defects in Real Property and Related Disclosure Issues
The question relating to the obligation to disclose is one which arises constantly, and applies to every real estate sale. What are the disclosure obligations? The matter of patent and …
The Basic Principles Behind “Materiality”
The issue of “materiality was recently considered by the Supreme Court of Canada in Sharbern Holding Inc. v. Vancouver Airport Centre Ltd. (2011). This is the definition at common law. …
Can You Revive an Old Agreement?
The answer is “no”, but a lot of people don’t believe it. Let’s assume that Bob puts in an Offer to buy Bill’s property. The offer is accepted and contains …
FINTRAC Obligations Upon Real Estate Agents in Ontario
Since 23 June 2008, real estate agents must comply with the provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This Act is federal legislation and …
Responsibility for False and Misleading Statements
We are all aware that sales agents like to pump their products, merchandise and services. That has been going on for years and the public who believe that are naïve …