Office: 165 Pretoria Avenue, Ottawa ON. K1S 1X1

Phone: 613.238.2801

Fax: 613.238.4583

email: roberthof@royallepage.ca

royal lepage

Blog

Disclose clearly when buying from your own client

By Robert Hof

Good advice for both agent and client from lawyer, Mark Weisleder. Robert

I am always asked how much should be disclosed when a salesperson buys a property from their real estate brokerage’s client. The simple rule is that there is never too much disclosure. Besides disclosing the fact that you are a salesperson, consideration should also be given to make it very clear to the seller that the buyer intends to sell the property for a profit in the future. In addition, the seller should also be encouraged to make any deal conditional on the review and approval by the seller’s lawyer, before the offer becomes firm. As the attached article indicates, when the proper disclosures are made in advance, a salesperson should even be protected from an unhappy seller who finds out later that the salesperson who bought the property from them sold it shortly thereafter for a substantial profit.

boathouse Paudash

Click here to read the article:

http://www.thestar.com/business/personal_finance/2013/03/28/real_estate_law_edmonton_couple_sues_over_realtors_cottage_profit.html

Leave a Reply