Wrapping up the First Deal

Questions:

I am the Listing Agent. I had a deal that was signed conditionally, conditions have expired, I didn’t get NOF or waiver, so the deal is dead. I requested the cooperating agent to send a release which she said she will and she didn’t. For some reason, she can’t use digital signatures or scanners etc. Long story short, I can’t get the release from her and it’s been 3 days now, she keeps on telling me tomorrow every day and the house shows as sold conditionally.

Here are my questions:

  1. can I change the MLS status to new without that release given the deal is dead?
  2. is there anything I can do to get her to deliver this to me?
  3. Legal action?

Answers:

  1. You can change the MLS now. You don’t need a Release.
  2. You are only 3 days out, at this point. I assume the Buyer will want to have their deposit returned. For that, you need a Direction, not a Release.
  3. The ultimate solution would be to pay the money into Court. Charge the Buyer for doing so. Then, the Buyer will also have to pay to get the money out of Court. What a hassle! They should just ask you for their money back and provide you with a Direction. Your Client would also have to provide you with a Direction, but might insist upon a Release before agreeing.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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