There is an opportunity under the new TRESA Legislation to share the contents of various competing offers if the Seller wishes to do so. Some Buyers may be opposed to …
Notices Patch
There are several choices to use something short and simple. Here’s the standard provision: “NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose …
Communication Delegation
John Smith is a Buyer and he wants to buy Mary Jones’ house. He has an agent Bill Brown who works for ABC Brokerage. Mary also has an agent, Wilma …
Related Parties: Disclosure to Whom?
There’s an OREA Form 160 which is used for related party disclosure. The problem is that it is often used frequently to disclose situations which do not require disclosure. Bob …
Designated Representatives and the Agency Appointments
With the new TRESA legislation coming into force on 1 December 2023, a number of changes were made to the practice of real estate. For agency appointments, there are now …
Designated Representation Agreement Change in Schedule “A”
You will need to make this change until OREA amends the Forms. “The paragraph following paragraph #15 shall be deleted and the following shall be substituted therefore: “The Listing Brokerage …
Registrant’s Disclosure (Sale): Who Signs?
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 …