GREAT JOB BY A REALTOR

I see files on which Realtors have done a great job for their clients. From time to time I will pass these on to you. (I will change the names to protect the innocent!) “June” was recently asked to list a property. She contacted the mortgage company to confirm the balance due on her clients’ mortgage. The mortgage company gave …

ONE HUNDRED PERCENT (OR NEARLY ONE HUNDRED PERCENT) FINANCING OF PURCHASES

In very high ratio mortgage situations, realtors sometimes write in contracts that the deposit is to be returned to the buyer on closing. Don’t do that. It causes confusion and problems. Instead buyers should be advised that when the mortgage company advances the mortgage money, the extra funds received by the buyers will be refunded to them by their lawyer …

PROPERTY DISCLOSURE STATEMENTS

The Ontario Court of Appeal has recently made a decision that comes down hard on realtors in several ways. One way was with respect to property disclosure statements. in that case the Buyer had paid $101,000.00 for a property. Shortly after moving in she discovered serious structural and plumbing problems. The repair costs were about $110,000.00 and this is what …

HOME INSPECTION CONDITION

In my last e-mail I wrote about an Ontario Court of Appeal decision that came down hard on a realtor with regard to a Property Disclosure Statement. In the same case, the realtor, who acted as a dual agent, was found to be liable to the Buyer for about $110,000.00, approximately the cost of repairs. The realtor had prepared an …

E-MAIL TO REALTORS

In my last two e-mails I wrote about the Ontario Court of Appeal decision that found a realtor liable for the way he dealt with a property disclosure statement and regarding a home inSpection condition. More importantly, it is the way the Court of Appeal came to their decision that impacts you as realtors. The decision can have a much …

BUYERS’ AGENT COMMISSION SEPT 30, 2011

I had an interesting issue arise this month. The Realtor had a Buyers Agent Agreement and the property was being sold as a “F or Sale by Owner”. In order to increase the price for mortgage purposes, there was an additional term of sale written in the Purchase Contract that stated as follows: “The seller agrees to pay the buyer …

PROPERTY DISCLOSURE

I have been asked to e-mail some more info about the Ontario Court of Appeal decision that found a realtor liable for the way he dealt with a property disclosure statement and regarding a home inspection condition. Most importantly, it is the way the Court of Appeal came to their decision that impacts you as realtors. The decision can have …

THE PROPERTY OWNER HAS DIED: WHAT DOES A REALTOR DO?

Check title. If the property was owned as joint tenants and one of them has died, then the other can sell it. All the survivor needs to do is file a Death Certificate and Statutory Declaration at Land Title Office and title will be issued in the survivor’s name. The survivor cando that at the lawyer’s office when signing a …

“Caveat Realtor? Nov 23, 2011

Do vendors and real estate agents have a duty to alert potential buyers to the pedophile next door? This is the heading of a lead article in this month’s Canadian Bar Association NATIONAL magazine. It is this type of article that lawyers across the country read, think about, and then use for their next lawsuit on a real estate deal. …