In this session, Mark Weisleder, LLB., REI, teaches what you need to know to protect your clients in any bidding war during the coming year. Mark is a real estate lawyer who has been practicing for 33 years and is also a best-selling author, Toronto Star and REM columnist and guest real estate expert on Canada AM and Global TV news.
By the end of this session you will:
-Understand the content and order of disclosures whenever you are acting in multiple representation
-Learn what’s new under Bill 55 and OREA form 801
-Understand what to do if you are suspicious that the seller even has a second offer
-Learn when you must disclose the existence of multiple offers, either before an offer is signed, during any signbacks or during the home inspection condition period
-Understand what to do if a lawyer acting for a lender in a Power of Sale instructs you to disclose the highest offer price to the other bidders
-Learn the legality of escalation clauses (“the buyer agrees to pay $5,000 more than the highest offer received”)
-Understand when you can make a pre-emptive or bully offer and what questions a listing salesperson may ask before a seller agrees to consider any such offer
-Learn what to have clients sign if they refuse to conduct their own home inspection in a bidding war
-Understand how to manage the process when you, as the listing salesperson, are approached by a potential buyer, each asking to be represented by you for this property.
-Learn whether there is any potential legal liability in a seller making any pre-listing inspection available to any buyer before a potential bidding war