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Thread: Real Estate Deal Gone Sideways Question

  1. #21
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    If your agent is using the standard AREA listing agreement, have a look at clause 10.8. I understand the basis for this clause is you've hired the agent to sell the house by obtaining a legally binding contract for the sale, and if there are funds available then they're entitled to be paid something.

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    Quote Originally Posted by bookem View Post
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    If your agent is using the standard AREA listing agreement, have a look at clause 10.8. I understand the basis for this clause is you've hired the agent to sell the house by obtaining a legally binding contract for the sale, and if there are funds available then they're entitled to be paid something.
    There is no "legally binding contract for the sale" hence why the deposit is coming through. Am I wrong?

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    Not the original question, but if you end up selling for less you can go after this buyer for the difference

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    Quote Originally Posted by dirtsniffer View Post
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    Not the original question, but if you end up selling for less you can go after this buyer for the difference
    argg..... you sure? whats stopping him from selling it to me for $1?

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    Quote Originally Posted by dirtsniffer View Post
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    Not the original question, but if you end up selling for less you can go after this buyer for the difference
    no, I can't imagine a world where this is true.

    The deal fell through, and the potential buyer forfeited the deposit. Unless the financing condition was waived, which it wouldn't be unless they were successful in obtaining their mortgage, there is no recourse for what you have stated.
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    Quote Originally Posted by Team_Mclaren View Post
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    argg..... you sure? whats stopping him from selling it to me for $1?
    The seller has to take every measure to minimize the losses beyond the agreed to selling price.

    https://www.epsteinlawyers.com/happe...te-deal-falls/

    https://www.ctvnews.ca/mobile/busine...wyer-1.3566614
    Last edited by dirtsniffer; 11-02-2019 at 11:34 AM.

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    Quote Originally Posted by dirtsniffer View Post
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    The seller has to take every measure to minimize the losses beyond the agreed to selling price.

    https://www.epsteinlawyers.com/happe...te-deal-falls/

    https://www.ctvnews.ca/mobile/busine...wyer-1.3566614
    Everything you have quoted there is under the assumption that all clauses in the purchase contract have been waived.

    No realtor or Real Estate Lawyer would allow the purchaser to waive the financing conditions without a commitment letter from the purchaser's lender. If the purchaser waives all the conditions, the contract is then considered binding to the end and the purchaser must then purchase the property. If they don't, and all conditions were waived, then they are on the hook for a ton of costs that would be put upon the sellers, unless of course there are extenuating circumstances like a fire, flood, or excessive damage between the waiver of conditions and closing date.
    Boosted life tip #329
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    Quote Originally Posted by spikerS View Post
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    no, I can't imagine a world where this is true.

    The deal fell through, and the potential buyer forfeited the deposit. Unless the financing condition was waived, which it wouldn't be unless they were successful in obtaining their mortgage, there is no recourse for what you have stated.
    If COF was still in place no deposit would have been forfeited. COF isn’t mandatory, more rare here not to see it but if the buyer just assumed he had access to the funds via HELOC then he may have dropped that condition. In Ontario realtors often push their clients not to have financing as a condition. Drives me nuts as they tell a client a pre-approval is a 100% done deal (which it’s not even close as not a single doc is verified)

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    Quote Originally Posted by ercchry View Post
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    If COF was still in place no deposit would have been forfeited. COF isn’t mandatory, more rare here not to see it but if the buyer just assumed he had access to the funds via HELOC then he may have dropped that condition. In Ontario realtors often push their clients not to have financing as a condition. Drives me nuts as they tell a client a pre-approval is a 100% done deal (which it’s not even close as not a single doc is verified)
    jeesus. Maybe it is my upbringing being around real estate transaction for the majority of my life, but, if a realtor ever pushed me to waive the COF without the commitment letter from the bank, they would be turfed so fast and a formal complaint submitted to CREB.
    Boosted life tip #329
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    Originally posted by Mibz
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  10. #30
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    Quote Originally Posted by spikerS View Post
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    jeesus. Maybe it is my upbringing being around real estate transaction for the majority of my life, but, if a realtor ever pushed me to waive the COF without the commitment letter from the bank, they would be turfed so fast and a formal complaint submitted to CREB.
    FYI... the commitment is pretty meaningless too... basically same level as a pre-approval. Based completely off the verbal information from the client, no proof of anything. You should not be waiving till the conditions are met... at a minimum income conditions and down payment conditions. I can’t even count the deals that have fallen through due to some stupid condition that can’t be satisfied.

    It also depends how clean your file is. Salaried employee with no debt and good credit vs say... self employed client with 3 rental properties and a recent separation. More moving parts, more chance for an issue. Last Ont “we’re not putting in a COF” deal I had was a commission based client who was getting a gifted down payment from her in-laws... husband not in deal due to fear of personal liabilities due to line of work.... uhhhh noooo....

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