BRIAN  MADIGAN

BRIAN MADIGAN

Broker

RE/MAX West Realty Inc., Brokerage *

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647-404-8150
Office:
416.745.2300
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BRIAN MADIGAN's blog

Be Sure to Make Proper Use of Form 801

For a considerable period of time, there was a concern about “phantom offers” in Ontario. A Buyer is looking at a property and just as they are about to submit an Offer, along comes another purchaser and suddenly they are in completion. Naturally, they increase their price and remove some of their conditions. It’s OK, I suppose , if it were true, but what if it were just a scam?
 

Time for Executing an Amendment

 

This is a frequent question. Time and time again, agents inquire about executing an Amendment to an Agreement “after the fact”. So, “no” you can’t revive the old contract. What you can do is enter into a brand new Agreement.
 

Question:
 

Offer Triggers Commission

Under the standard form Listing Agreement, it is the offer which actually triggers payment of the commission.
 

Cooperating Brokerage Sues Seller Directly for Commission

 

Is this even possible?
 

In this situation, the Cooperating Brokerage was not paid its commission in full as provided in the MLS Listing.
 

So, the Brokerage sued the Seller/Owner directly.
 

How did they do that?
 

Let’s have a look at the MLS rules which apply.
 

Toronto and GTA Markets in August 2019

This is the recently released report of the Toronto Real Estate Board concerning the August 2019 results:
 

"GTA REALTORS® Release August 2019 Stats TORONTO, SEPTEMBER 5, 2019 –
 

Amending Agreements, Satisfying Conditions, Waiving Provisions

 

There are two methods to handle these matters:
 

  1. Long form,
  2. Short form.
     

Long Form Method
 

Let’s assume that you have a Condition included in an Agreement which reads as follows:
 

What You See is What You Get in Real Estate

 

Many people would think that what’s in an Agreement of Purchase and Sale would govern.
 

Apparently, not!
 

It’s what is visible and what a prospective purchaser would think was part of the property.
 

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