Brokerages can impose commission policies on the Realtors but the Ottawa Real Estate Board does not impose any commission structures on Brokerages.
The Ottawa Real Estate Board requires a minimum listing period of 60 days for an MLS listing.
The Ottawa Real Estate Board does not accept listings conditional upon the owner finding a suitable home. In this situation the homeowner could list their property with a Brokerage but not publish the listing on MLS.
A pre-listing inspection reduces the possibility of surprises and allows the seller to either remedy problems in advance of going to the market or obtain written quotes for such repairs to be provided to any interested buyers. Having fully informed parties minimizes the risk of re-negotiation and conditional offers.
Be selective when choosing an inspector.
Yes… homeowners can register a restrictive covenant on title that could prevent their property from being subdivided by a subsequent buyer. Before so doing consider carefully the impact this decision can have your property’s value.
Title Insurance may compensate you if you discover you don’t have legal parking but it may not alter what is. A survey confirms the location of lot lines and structures on the property, allowing both buyer and seller to know with greater clarity what is being bought or sold. This may include fences, easements, encroachments, structures.
A Real Estate Brokerage enters into an agency agreement to market their home. The listing agreement is not an offer to sell. Sellers have no obligation to accept any offer even if the offer meets the terms set out in a listing agreement
No. It is wise for Sellers to consider all offers on their property before they decide how to proceed.
Yes… a Brokerage may represent both Buyer and Seller clients on the same transaction providing they receive consent from both Buyer and Seller to do so. This situation is known as Multiple Representation and the Brokerage may not suggest the price the Buyer should offer or the price the Seller should accept. Faulkner Real Estate recommends Sellers refuse consent to multiple representation.
Yes… when a Brokerage finds themselves in a Multiple Representation situation the Realtors involved can not provide any advice that favours one client over the other. The Brokerage has a conflict of interest.
The Code of Ethics requires Realtors to inquire if the consumer has an agency relationship with another Realtor, whether in writing or not. If they do the Realtor must obtain written consent from the client’s Realtor before proceeding.
No… the tenants can not be given notice to vacate prior to the expiry of the lease.
Not necessarily…Faulkner Real Estate Ltd. researched urban homes sold since the 2016 MPAC assessment and noted that as many homes sold significantly under their assessed value as there were homes selling for significantly more than their assessed values.
In the case of an appraisal it should be noted that these reports are based on past comparable sales and do not consider current market conditions. The appraisal process is weakened in urban areas where finding comparable homes is challenging. Our experience suggests that appraisals should not be relied upon to indicate the value a home may achieve on the open competitive market at any given time.
Offer your home for sale when the inventory of competing homes is low and buyer demand high.
When the Seller has received more than one written offer simultaneously on a property each prospective buyer will be notified that they are competing and be informed how many offers the Seller is considering. The contents of each offer are confidential and may not be shared, even if the Brokerage is assisting both Buyer and Seller.
By Judy Faulkner
Orea’s Legal Forum
Be Aware the Consequences.
By Judy Faulkner, Broker of Record
How should I proceed?
By Caroline Phillips
How do I ensure I don’t buy a property with serious defects?
Should you find the home is not in the same condition as when you made your offer…
If you’re hiring a handyman or contractor for a job over $50 a written contract is required.