by REM Editorial Team | Jan 8, 2014 | Advice for Agents, Legal Issues
In a recent case, the real estate agent acted on both sides of a lease agreement of property. The agreement contained an option to purchase for $900,000. More than a year later, the agent advised the plaintiff (the landlord) that he had an offer to purchase from the...
by REM Editorial Team | Nov 12, 2013 | Advice for Agents, Legal Issues
A vendor sought a declaration that an agreement to sell was repudiated by the purchaser. The purchaser in turn sought judgment declaring the Agreement to Purchase valid and for an order setting a new closing date. The vendor and purchaser disputed the interpretation...
by REM Editorial Team | Oct 11, 2013 | Advice for Agents, Legal Issues
In a recent case, the principal of a brokerage firm acted for individuals who bought a number of properties and relisted them shortly thereafter at a highly inflated price. Mortgages were then taken out and inevitably the mortgages went into default, so the lenders...
by REM Editorial Team | Sep 12, 2013 | Advice for Agents, Legal Issues
In a recent court case, the purchaser signed a standard form of Agreement of Purchase and Sale to buy the vendor’s residential property. The price was $2-million plus and a $100,000 deposit was given. The agreement stated that if the purchaser defaulted, “the deposit...
by REM Editorial Team | Jul 29, 2013 | Advice for Agents, Featured, Legal Issues
By Martin Rumack The Ontario Real Estate Association’s Seller Property Information Sheet (or SPIS form), was designed with the best of intentions. But it has become a good example of the old adage, “the cure is worse than the disease”. Now the confusion and...
by REM Editorial Team | Jul 25, 2013 | Advice for Agents, Legal Issues
In addition to compulsory insurance plans, professionals often take out additional insurance. A recent American case points out the dangers of failing to read and comply with the insurance policy wordings. A class action complaint was made and subsequently settled....
