Registration of the Unsigned Offer

Things to keep in mind for course registration

Ontario

Question:

You get a notification from your office that an agent has “registered an offer” on your listing. You don’t see anything in email for an hour. You follow up and they indicate that their buyer hasn’t signed it yet.

I thought we are no longer allowed to even say we had an “offer coming” let alone register a non-existent one with the listing brokerage.

Answer:

The other Agent cannot make reference to any Offer unless it is signed.

You “receive” the Offer under Bill 55 with the delivery of a communication in writing, (hard copy, fax, email or text).

Be careful the text has to include a full signature, name, status, brokerage (most do not).

There is no formal or recognized process for “registration” of an Offer, but Bill 55 does refer to Offers being “received”. This means information about their actual existence. It does not mean “presentation” or delivery of the Offer or filing an Offer Summary Document (Form 801).

Only when you have received such an Offer is it included in the count, and its existence reported to other agents who may have competing Offers.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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