Brian's Ontario Real Estate Blog

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Commercial Real Estate Agent - RE/MAX West Realty Inc., Brokerage (Toronto)
RECENT BLOG POSTS
Possibility of a Verbal Agreement Being in Writing (Ontario)Question:A deal was negotiated and accepted verbally. Paperwork signed by buyer and sent back for the confirmation of acceptance.Listing agent calls to say they got a better offer and wants to give the Buyer the opportunity to bid more. ...
04/22/2017
The Liability of a Minor under a Contract in Ontario Question:Contracts in Ontario are voidable by minors. If so, why would anyone ever deal with a minor? Answer:The intention is to prevent adults from taking advantage of minors in contracts. The contract is voidable at the instance of the minor....
04/22/2017
Agent Misses the Parking Pad AgreementThis situation was simple enough. Bob acted for Bill in the sale of his property. There was a mutual driveway. It was not quite wide enough to park Bill’s car but the neighbour gave permission (tolerated or acquiesced) to Bill. So, Bill parked his car there.B...
04/20/2017
Agent Breaks Into House with Home Inspector and BuyerAs strange as it may seem that’s exactly what one agent did.The Agreement was subject to a home inspection condition. The Listing Agent was going away, so the Buyer’s Agent without any appointment whatsoever simply went over to the property wit...
04/20/2017
 Seller Might Die Before ClosingQuestion:What happens if the Seller dies before the closing date? The Seller has already signed an Agreement of Purchase and Sale by an Attorney pursuant to a Power of attorney (POA).Answer:The Agreement that you have would still be enforceable but the risk is that...
04/20/2017
Signing the Acknowledgement in AdvanceQuestion:Is it OK to sign the Acknowledgement on standard form OREA Agreements of Purchase and Sale in advance. It would be a big timesaver?Answer:It is foolhardy to sign this Acknowledgement in advance.It just make you look negligent. It would be helpful to ...
04/20/2017
Ontario Government Places Agents on the Spot“Working with the real estate profession and consumers, the province is committing to review the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions. This includes practices such as...
04/20/2017
Agent Fails to Pay Referral FeeSteve acted for his two buyers, Albert and Jane. He had a loyalty agreement signed, better known as a Buyer Representation Agreement or BRA for short.The BRA ran from July 25, 2014 and expired on October 25, 2014.  It also contained a 90 day holdover clause.Albert a...
04/15/2017
The Lost Deposit Cheque in OntarioQuestion:Firm Buyer deal. I’m the Buyer’s agent. I drop off the bank draft deposit cheque to (and payable to) the listing brokerage and get a receipt. Over a week later we get a call that the listing brokerage can’t find the bank draft. The Buyer goes to the bank...
04/14/2017
Commercial bond yields   CMB         GoC         Floating rateinsured cost of funds 5 Year - 1.48%Canada housing 06/15/22 [-0.02]       5 Year - 1.05%CAN 0.50 03/01/22 [-0.02]       0.99%                       [-]                        10 Year - 2.10%Canada housing 06/15/27 [-0.04]       10 Yea...
04/14/2017
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Brian Madigan

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