In 2019, the tax roll of the residential property was first created, and so no tax levies were imposed on the Property until 2020.
On July 2, 2019, the Sellers listed the Property for sale and it was subsequently listed on the Multiple Listing Service.
In the MLS Listing, and notwithstanding that no property taxes had been levied against the Property in 2019, the Property had been advertised as having tax levies of $1,800.00 in 2019. This was simply incorrect.
On May 17, 2020, the Buyers, who were represented by the Listing agent agreed to purchase the property to close June 27, 2020.
One week prior to closing, the Buyers’ lawyer discovered that the Property Taxes were $5,500.00 and not $1,800.00 as had been advertised in the MLS Listing.
Conscientious and competent service, etc.
5. A registrant shall provide conscientious service to the registrant’s clients and customers and shall demonstrate reasonable knowledge, skill, judgment and competence in providing those services.
21. (1) A broker or salesperson who has a client in respect of the acquisition or disposition of a particular interest in real estate shall take reasonable steps to determine the material facts relating to the acquisition or disposition and, at the earliest practicable opportunity, shall disclose the material facts to the client.
Error, misrepresentation, fraud, etc.
38. A registrant shall use the registrant’s best efforts to prevent error, misrepresentation, fraud or any unethical practice in respect of a trade in real estate.
Date: 27 May 2022
Time to Pay: 20 December 2022
No Courses: to take
Simple enough to figure this out. Just make the call.
This time, this particular Panel took the matter seriously. The fine equates roughly to two years’ taxes.
Brian Madigan LL.B., Broker