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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