When Do You Disclose the Accepted Price?

Property selling prices edge closer to asking prices | Property blog

Question:

If you are the Listing Agent and you got into multiple offers on presentation night; by the end of the presentations, the house was sold firm and you have the certified deposit cheque in hand; would you disclose the final purchase price to the other Buyers’ Agents who are still waiting outside?

Answer:

For commercial transactions, in most cases, there is no disclosure of the sale price until closing. That’s just like some States in the US. For residential transactions, the price must be posted within 2 business days, but usually it’s the next morning.

If you are the Listing Agent (and you might have another similar property) give everyone who participated the information as soon as possible. That does mean getting permission from both the Seller and the Buyer, but that’s usually available.

The participants really shouldn’t have to wait like the general public, by logging onto the system every few hours. Try to make sure that they know as soon as possible. Treating them with respect will ensure that they attend and participate next time.

Brian Madigan LL.B., Broker

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