We know that 2017 was not a good year for residential real estate. The general view that the real estate market is always going up is not necessarily true. In 2017, the market backfired and there were a host of defaulted deals.
This is another one of them, Forest Hill Homes v Ou, (17 July2019).
Question:
"When brokerage represents both the Seller and the Buyer (multiple representation) the brokerage is not entitled or authorized to be an agent for either the Buyer or the Seller for the purposes of giving/receiving notices".
Why not? And who then will be giving/receiving notices? Lawyers?
Answer:
This is the recently released report of the Toronto Real Estate Board concerning the July 2019 results:
" GTA REALTORS® Release July 2019 Stats TORONTO, August 6, 2019 –
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?
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:
Under the standard form Listing Agreement, it is the offer which actually triggers payment of the 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.
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 –
There are two methods to handle these matters:
Long Form Method
Let’s assume that you have a Condition included in an Agreement which reads as follows:
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.
