Question:
I have heard different opinions on this way of adding or not adding conditions in an offer.
Write them in on schedule A and have client strike out the ones they don’t want or use Form 127 and have the Buyers initial the conditions they choose not to add in such as financing and inspection.
Answer:
For years OREA focussed on the on the real estate agent who was the lowest common denominator in the business. Surely, if we say “write it in, and cross it out”, they can’t make a mistake! So, that was the way it was for years.
I raised this issue with OREA in 2005 and OREA agreed. This was a breach of the fiduciary duty of “confidentiality”. No other profession with agency obligations, ie. lawyers, doctors or accountants handled anything like this in a similar fashion.
This matter needed to change. This was accomplished by the Forms Committee in 2012 with Form 127 for Buyers and Form 128 for Sellers.
Brian Madigan LL.B., Broker