Question:
A “friend” just asked me to help him write the purchase agreement for him to privately buy his wife’s former family cottage. Of course, he does not want to pay me.
Answer:
You cannot contract out of the liabilities imposed upon you under the Real Estate and Business Brokers Act, 2002
Provide Customer Service only in this transaction.
Include a condition for both parties to obtain independent legal advice.
Charge a small fee, otherwise your insurance coverage will not be activated and you run the risks of making a mistake yourself.
NOTE: When TRESA came in on 1 December 2023, “customers” were to be terminated no later than 31 March 2024. Now, the question is treating this individual as a client with all the fiduciary duties being imposed. No more, “just helping out”.
Brian Madigan LL.B., Broker