Holding Back Offers Document in Ontario

Question:

Form 244 on a Listing Says:

“No Conveyance of Offers Until 5pm Monday, presentation at 8pm”

To me it means do not tell me you have and offer, do not send me a form 801 for Offer Registration until 5pm on Monday. What does this mean to you?

Answer:

The purpose of 244 is to preclude pre-emptive Offers. This document simply says that the Seller will not look at any Offers until a certain time.

The Direction is to the Listing Agent, not anyone else. Twenty buyers’ agents can send their Offers in to the Listing Agent early, or they can wait until closer to the deadline. The Listing Agent piles them up until it’s presentation time.

Also, the Listing Agent has to advise everyone of the count. So, “you are one of 20, which includes your Offer”. Once the deadline time expires, the 20 Offers will be presented.

The instructions also need to be clear. Does the Seller actually want to have a look at, but not enter into negotiations? In other words, if the Offer is “over the top”, do they want to know about it? When the Seller says “no”, is that what they truly mean?

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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