(Ontario) Question: What are Referral fees and Finder’s fees? Answer: A referral fee paid between two brokerages is paid once the sale has closed and it is taken from the …
Agent’s Risk of Disclosing Far too Much!
There are two separate and distinct disclosure requirements, one under the Real Estate and Business Brokers Act, 2002 and the other, under the Code of Ethics. The Act requires disclosure …
Disclosure of Former Grow-Op
(Ontario) This is the current view of RECO on this point. It became quite topical with the introduction of legal cannabis on 17 October 2018. This is the Ask Joe …
Second Buyer Bumping Your First Buyer
From time to time agents are concerned about their duties if they have more than one prospective Buyer for a property. Usually, this will be the Listing Agent who has …
Multiple Representation with Two Buyers
(Ontario) Question: You have 2 buyers who want to put an offer on the same property. It is another brokerage’s listing. The buyer agent has to tell both of his …
The Complications of the Second Client
The timing issue comes into play, when you have two parties both under contract at the same time. If you get a Listing for Sam’s property, you can show it …
Is a Back-Up Offer to a Conditional Agreement a “Competing Offer”?
Question: If there is a conditional offer on your listing from Buyer Agent A and it has been negotiated and it is in the conditional period with no escape and …
Security at an “Open House”
(Ontario) Question: I had prospective visitors leave when I asked for ID. They thought that this was an invasion of their privacy. Answer: Yes, indeed it is an invasion of …
Salt, Sand and Shovel Before the Open House
Let’s assume that you are a real estate agent and you have agreed to host an Open House for your client. Question: Who is responsible if someone falls on the …
Sales Agent? Yes or No!
(Ontario) Question: I know that the Brokerage is the legal “agent” for the Seller, but what, if any is the role of the actual sales representative? Answer: The real estate …