Question:
We have a request from a lawyer that he has a client interested in one of our listings and wants to show them the property
He wanted the lockbox access. We will agreed to meet him at the property with your Buyers.
Has anyone had this occur with the new TRESA rules and successfully received an Offer that was negotiated and accepted ?
What paperwork is needed from the Buyer ?
Effectively are they not just unrepresented?
Answer:
These Buyers are represented by their lawyer, however, their lawyer is not registered under TRESA.
Lawyers are exempt from TRESA and those with access to OREA Forms can draft something up using those Forms.
It’s important to appreciate that lawyers cannot access or show the property. They are not entitled to claim commission from the Listing agent.
They can act for Buyers in respect to the negotiations. Listing agents once informed that the lawyer is acting on behalf of the Buyers will have to deal directly with the lawyer. This is agency representation on behalf of the Buyers.
When it comes to completing the paperwork:
- The RECO Guide will be delivered through the lawyer
- The Acknowledgement of self-represented will be returned by the lawyer
- The APS will be amended to confirm agency in Schedule “A” and amend #3 Notices to authorize the lawyer
- The commission trust document will not be signed
- The CCR will be amended, adding #4 to show the fact that the lawyer “represents” the Buyer
- No remuneration will be paid to the lawyer
You will appreciate that a number of factors could influence the timing and execution of the various documents.
Brian Madigan LL.B., Broker