Question: There seems to be a lot of confusion regarding an irrevocable in an offer. Here’s the dilemma. An offer is written with an irrevocable tonight at 7:00 pm. It’s …
Execution of a Power of Attorney
Execution of a Power of Attorney (1 or 2, or Both) Question: If there are 2 persons on power of attorney and the document states that it is “jointly and …
Offer Submission During Suspension
Question: If a listing has a Suspended status on MLS, and a Buyer agent still submits an Offer, is the Listing agent still obligated to share the Offer with the …
Deposit Due: Time and Date
Question: A property sold last night (May 3rd, a Friday at 9:00 pm) conditional on financing and inspection. Conditions expire on May 6th at 11:59. When is the deposit due? …
Ethical Dilemma: Potential Conflict (Disclosure)
Question: Interesting dilemma. I had a seller that signed listing paperwork. We did a pre-list inspection that showed 100% moisture in his basement. He didn’t want me to disclose. I …
New Capital Gains Tax Inclusion
Let’s consider the implications of the new capital gains tax inclusion. Scenario: Muskoka Cottage An elderly woman owns a cottage in Muskoka. She inherited it from her parents. Her principal …
Documentation and Risk Management
An issue arises and later it is litigated. What’s the best way to protect yourself? Traditionally, the Policeman’s notes have been the “gold standard”. Well, maybe not anymore! Are the …
Commercial Indicators – 19 April 2024
CMB5 Year – 4.05%CANHOU 06/15/29[+0.03%] 10 Year – 4.19%CANHOU 03/15/34[+0.01%] Floating Rate insured cost of funds5.35%[-] Prime Rate 7.20% [-] GoC2 Year – 4.35%CAN 02/01/26[+0.04%] 3 Year – 4.00%CAN 03/01/27[+0.04%] 5 Year – 3.76%CAN 03/01/29[+0.03%] 10 Year – …
Agreement: Deposit Default Delivery Clause
Question: What about the following clause in Schedule “B” from the Listing Brokerage (not so much from the grammatical correctness standpoint). I am representing the Buyer. “This Offer is subject …
Designated Representation Agreements: Do You Need Schedule “A”?
Question: In your Schedule “A”s, do you delete the role of the Brokerage as a “representative” of the client? Answer: Let’s look at the standard form Listing Agreement for Designated …