Financing Condition: and Two Agents for Same Client

Identity Crisis vs. Role Confusion – PAMIR TIMES

Question:

My Buyers have an accepted offer on their home conditional on acceptable financing. I am not the Listing Agent.

Their Buyer is coming through with his contractor to determine costs to convert the property into a duplex (not a condition.)

The contractor could discover the conversion costs more than he would like to spend and then he walks away citing that financing failed to go through (at his sole discretion.)

What is my role here? I think the Client is going to seek my opinion.

Answer:

There are a few issues here. First, is the question of “interference”. You should not be second guessing the Listing Agent. Having said that; your client is entitled to a second opinion, if they want to have it. So, what you say and how you say it will be very critical.

The conversion costs are not likely relevant when it comes to the financing and/or inspection clauses being fulfilled, satisfied or waived. It’s possible but highly unlikely. Without seeing the exact wording in the APS, it would be irresponsible and foolhardy to comment at all.

If a second opinion is being sought from you, AND, you have seen and reviewed the full APS, only then can you professionally comment on the matter.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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