OREA Form 161 Let’s start out with Bob Smith. He is a commercial real estate agent working for ABC Realty, and he wants to sell his house. He decides to …
As Is Properties and TRESA
Question: What about a listing of a property that says “AS IS”, are you still required to provide information pertaining to any defects on the property? Answer: All properties are …
OREA Form 299: Seller Disclosure Latent Defect(s)
Unfortunately, there’s no Form 299 explained. So, the risk is looking simply at the document. This title may create the wrong impression. Latent defects do not have to be disclosed. …
Mere Postings: Represented or Not?
Question: Is a mere posting seller considered a Self Represented Party? Answer: Here is the source in the legislation: “Agreements: Trade in Real Estate Representation required 13.3.1 A brokerage shall not …
Form 299: Latent Defects
OREA Form 299: do you like it, do you use it, do you rely upon it or does it mess you up a bit? Form 299 is entitled “Seller Disclosure …
One Seller Wishes to Remain as SRP
Question: I am proposing to take on a Listing. I have been introduced to the property by the wife. It’s a matrimonial home and they are obtaining a divorce. While …
Inspections: Post TRESA
Question: Are cursory inspections allowed during a 30 min showing under TRESA? Answer: No inspections of any kind whatsoever (cursory or not) are permitted (before or after TRESA which only …
When is the Buyer’s Agent Blocked Out?
For Commission This is an interesting question, and it all depends upon the holdover clause. When REBBA was in effect, there was an obligation to canvass this matter with a …
Listing Agent as Seller and Buyer Agent
As agents listing our own properties: 1) is there any reason we aren’t allowed to work with an SRP? Answerr2) To protect myself from E&O, should I list with a …
Are Escalation Clauses now Popular?
Question: What about the utilization of escalation clauses in a thriving market? Interested in perspectives from both buyer’s and listing agents when navigating these conditions during the offer process. Considering …