In this episode, we dive into a recent scenario discussed by the Real Estate Council of Ontario (RECO), where multiple offers were mishandled, resulting in a significant fine. We explore the implications for sellers, agents, and the real estate market as a whole, especially as market conditions evolve. Learn how to navigate multiple offer situations, understand irrevocable offers, and ensure you're representing clients effectively.
Link to the article:
https://www.reco.on.ca/news/legal-corner-$14,000-fine-for-mismanaging-delayed-offer-process
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0:15 – Intro
1:52 – Real Estate Market Outlook
2:43 – The Importance of Proper Representation
3:09 – Educating New and Experienced Agents
4:10 – Common Missteps in Offer Handling
10:37 – Challenges Faced by Sellers in Multiple Offer Scenarios
11:24 – The Gamble of Waiting for More Offers
13:59 – The $14,000 Fine Case Study
15:01 – Legal Requirements and Transparency in Offers
17:22 – How to Avoid Leaving Money on the Table
18:35 – Understanding Irrevocable Offers
20:41 – Exceptions to Irrevocable Offers
26:33 – Outro/recap
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In 2011, Ariel Kormendy and Adrian Trott formed The Kormendy Trott Team, now often referred to as KT (thanks to our logo!). The foundation of KT is built on providing unmatched value and attention to detail in everything we do. From our ever-expanding, comprehensive list of exclusive services to our expertly trained team, you will receive the highest level of care throughout your entire real estate journey.
Originally a team of two in Milton, Ontario, the KT Team has grown into a large team of exceptional REALTORS®, a client-care department, and now includes KT media, KT Commercial and KT Property Management to provide our clients with a complete lineup of genuine, professional, and proven services across Halton Region, Peel Region and the surrounding Regions within the Greater Toronto Area.
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