Agent Fails to Finish Off the Paperwork (RECO Discipline)
Paperwork is important. It is the creation of an adequate audit trail for the transaction.
So, who’s looking:
3) CRA, and
4) Other litigants in a lawsuit.
Many real estate agents will think: “I will get to it later”. Since I do intend to complete it and finish it off, what’s the difference?
The big risk is getting hit with that proverbial bus!
Best intentions are just not good enough. What then!
In this case, the Discipline Panel was concerned about:
· Schedules to the Agreement of Purchase and Sale
· Acknowledgements by the Buyer, for receipt of his copy of the Schedules
· A full and complete copy of the APS, and a receipt, therefor, from the Buyer
· A completed Confirmation of Cooperation and Representation
There are several documents that do not exist in other jurisdictions, including the Acknowledgements, Receipts, and the Confirmation of Cooperation and Representation. These documents are still important. Get them signed and make sure everyone has copies.
This way, if you are “hit by a bus” no one has to dig you up to come and testify. It’s all there, in your paperwork.
These extra documents represent very good and progressive steps taken by OREA to ensure that Ontario has excellent paperwork. But, if it doesn’t get signed, what’s the point?
In this case, there was a problem with two units and zoning. All in all, the registrant was assessed an $8,000.00 fine, for those transgressions plus the “bad paperwork”.
Brian Madigan LL.B., Broker