Monday, March 2, 2015

Was there really another offer? Lies and Toronto Real Estate

Toronto - Etobicoke   You have found THE perfect house and you love it!  Now you are pondering an offer and the agent says:

"There are other offers registered."

How do you know?  Who can you trust?

I would include a clause that indicates;
This offer is being submitted on the basis that it is part of multiple offers. If the seller receives no other offer by 9 pm on {INSERT DATE}, the seller or the seller's salesperson will notify the buyer or the buyer's salesperson and the buyer will have one hour to revise or revoke their offer. If the seller accepts the buyer's offer, the seller shall provide, within 24 hours, the name, address and phone number of the salesperson and brokerage company that submitted the competing offer(s).
It has happened (to me) that in the heat of the moment, agents will register an offer [this means that its printed and signed, ready to present] only to not attend the presentation or neglect to email or fax the contents.   Their Buyers have simply grown cold feet and withdrawn.

New Guidelines from Bill 55 from RECO are very specific about what you are entitled to.

Q: What are the requirements for the summary document? A: The summary document can only be used for offers that did not result in a transaction. The summary document must include:
• The name and signature of the buyer.
• The name and contact information of the seller.
• The name of the buyer’s brokerage and their representative.
• The name of the seller’s brokerage and their representative.
• The address, legal description or other identifier of the property.
• The date and time the offer was made.
• The date and time the offer was received by the brokerage, and how the offer was received, such as in person or by fax.
• The date of presentation, if the brokerage presented the offer to the seller.
• The date and time, if any, until which the offer was irrevocable.

Best course of ACTION?

Be there with me!

I'm available in West Toronto at 647 218 2414
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