As of July 1, 2015, real estate sales agents and brokers are no longer allowed to present “phantom bids”. In effect, agents and brokers may no longer indicate that another offer exists unless it is presented in writing.
What this means is potential buyers of real estate in Ontario no longer have to deal with the dreaded, “Well, we have another offer…” from the vendor’s agent, unless of course, the offer is put down in writing and presented to them. This should simplify the negotiation portion of a real estate transaction, and it all also reassures players in the market of the integrity and transparency of the profession.
At Kesarwani Law Office, we have successfully guided our clients through thousands of real estate transactions.
Call us today for assistance or advice in respect of your next purchase or sale of a home.
Here is a link to the news release.