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Brian Madigan LL.B., Broker
BRMadigan@Rogers.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300

Cell: 647-404-8150 
Toll Free: 1-888-507-0817

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Registering an Offer (Ontario)

March 26, 2016 - Updated: March 26, 2016

Registering an Offer in Ontario

 

Question:

 

What does "registering" an Offer mean?

 

Answer:

 

This is a term which causes confusion. The difficulty in part arises by reason of the fact that there is no such thing as “registration” of an Offer. We use that term frequently, and everyone in the business seems to know what it means. It seemed to mean calling the Listing Agent’s office to say that you have an Offer that you wish to present.

 

However, that has now gone by the wayside since Bill 55 and the phantom Offer legislation, which became effective 1 July 2015.

 

The “keyword” now is that the Offer must be “received”. That means “communication of the existence” of the Offer, not the Offer itself, not an Offer Document Summary and not 801.

 

The communication must be “in writing”. And, that means paper, fax, email or text. Even a photo would work, that is, a scan or copy of a photo of a statement that “you have an Offer”.

 

A phone call is insufficient. That does not meet the new “in writing” requirement.

 

The Bill 55 system is designed to enable RECO to audit the number of Offers. How could they do this if a phone call would be sufficient alone? A Buyer’s representative cannot refer to an Offer unless it has been signed and is in the possession of the Buyer’s Representative. A phone call from the prospective Buyer saying that “I just signed it and I will get it to you” is not enough.

 

Once they obtain it they may communicate its existence to the Listing Agent. Once the Listing Agent has the communication “in writing” then they are required to include it in the count and tell others that they have “received” that Offer.

 

You will appreciate that the Listing Agent has not seen either the Offer itself, the Offer Document Summary or an 801 at this point. Delivery and presentation are two other matters.

 

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Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: registering receiving delivering presenting offer reco bill 555 phantom offers ontario law
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

Phone: 416-745-2300

BRMadigan@Rogers.com

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