Legal Responsibilities of Real Estate Agents

ebook ∣ Volume 1

By Rosemary Bocska

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Format

ebook

Author

Rosemary Bocska

Publisher

LexisNexis Canada

Release

02 December 2022

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Subjects

Real Estate Law Canada
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Understand the Legal Situations to Avoid Costly Mistakes and Liability

As a real estate agent, it is easier to concentrate on the job-at-hand when you're not worried about making potentially serious and costly mistakes. This is especially true in today's high-stakes real estate market with its complicated and often confusing laws and procedures. That's why this one-of-a-kind reference book has become a staple in real estate and law offices across Canada. It is filled with practical, useful information, insights and expert advice that real estate agents and real estate lawyers need to know, in dealing with their legal duties and responsibilities.

It is also a handy reference for those buyers and sellers who have enlisted the services of a real estate agent and want to understand the exact scope of the agent's role, as well as his or her duties and potential liability toward them.

Features and Benefits

This comprehensive, straight-forward book will show you how to:

  • Understand your rights and obligations – learn about the legal issues relevant to your role, and the way they affect youon a day-to-day basis
  • Prevent liability – learn proper procedures and steer clear of legal pitfalls and the courts
  • Avoid mistakes – foresee and prevent problems in your transactions
  • Fulfill your duties – properly carry out your statutory, contractual, disclosure, and fiduciary responsibilities
  • Protect your commission – safeguard your commission rights
  • Know your client – understand your clients' goals, needs and objectives in purchasing and/or in selling a property
  • Increase your understanding – learn the intricacies of dealing with topics such as: powers of attorney, estate properties, family law issues, landlord and tenant rights and obligations, condominium, co-operative and coownership structures, and the drafting of conditional clauses

    Common Mistakes and How to Avoid Them

    Learn how to avoid common and potentially costly mistakes relating to:

  • Dual agency – be aware of all disclosure requirements and fiduciary obligations
  • Gratuitous agency – how to avoid this highly-risky association
  • Failure to protect clients' rights – prepare and explain purchase/sale agreements thoroughly
  • Misrepresentation – know exactly what information you must provide to clients

    New in this Edition

  • Updated to cover the latest case law and legislative developments
  • Discussion of amendments to the Real Estate and Business Brokers Act, 2002, and related changes to the Real Estate Council of Ontario (RECO) rules relating to "phantom" bids on property, which rules became effective July 1, 2015
  • Includes revisions to the discussion on calculating commission amounts, to reflect recent legislative changes
  • Expands the list of questions for agents to ask themselves when dealing with co-operatives or co-ownerships
  • Clarifies the discussion of powers of attorney, and includes an expanded checklist of items when dealing with powers of attorney to sell land
  • Enhanced discussion of probate fees, including legislative changes in force effective January 1, 2015 relating to the submission of an Estate Information Return

    • Format

    ebook

    Author

    Rosemary Bocska

    Publisher

    LexisNexis Canada

    Release

    02 December 2022

    Share

    Subjects

    Real Estate Law Canada
    Legal Responsibilities of Real Estate Agents