Just What is Offer Registration? (Ontario)

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Question:

Registering an offer….Do you consider a text or email from another Realtor stating “I have a signed offer for your listing” to be registration of an offer, even if the offer itself isn’t attached to the text or email?

Answer:

While there are no specific rules relating to “registration”, there are rules relating to Offers which have been “received”.

There is NO offer unless it’s in writing, and in the possession of the Buyer’s agent. The Listing agent can ONLY talk about it once there has been a written communication about it. That means email, text, or fax. A telephone conversation is insufficient.

It is important to note that there are two separate and distinct definitions of the term “received”, one for contract law and one for regulatory law. They are not the same. The key to understanding it, is to appreciate that there are two definitions. If you only know one, then you will get the whole matter confused.

In a text you must:

1) identify yourself,

2) advise of the Offer, and

3) text is a communication in writing.

Email and Fax usually automatically contain identification.  In a text, identification is often missed.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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