Stay Focused, Effective, and Productive by Avoiding Costly Mistakes and Liability
It’s 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’s filled with practical, useful information, insights and expert advice that real estate agents need to know, in dealing with their legal duties and responsibilities.
Features and Benefits
This is the only book on the market today that will show you how to:
- Understand your rights and obligations – learn about the legal issues relevant to your role, and the way they affect you on a day-to-day basis
- Prevent liability – learn proper procedures and steer clear of legal pitfalls
- 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 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 co-ownership 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
- Fully updated to cover the latest case law and legislative developments, including the introduction of HST
- Now includes: agents’ duties with respect to advertising, capacity issues in regards to sales involving powers of attorney, a discussion of Land Transfer Tax, offers in trust and assignments, rent discounts, and seller property information statements
- Updated chapters with the latest case law on: fiduciary duties of agents, real estate agents’ mistakes (including failing to explain the nature of the agreements of purchase and sale, and misrepresentations), wills (or the lack of one), family law issues, tenants and condominiums, and co-ownerships and co-operatives
- Includes important appendices such as the Ontario Real Estate and Business Brokers Act, 2002, and its Code of Ethics Regulation for real estate agents
Who Needs This Book?
- Real estate agents who must fully understand their obligations whether they represent buyers and/or sellers
- Real Estate Board officials who need a legal framework for setting professional standards of conduct for real estate agents
- Insurance representatives who need to know which claims against real estate agents to accept or decline, regarding errors and omissions insurance
- Real estate lawyers needing an easy reference book on the many aspects of real estate practice in today’s market
- Real estate brokers who must understand their obligations, whether representing buyers and/or sellers, or supervising their own agents
- Mortgage brokers who must understand their obligations to borrowers
- Law students who need a comprehensive overview of real estate practice
- Law libraries
- Public libraries
Introduction
Chapter 1: The Role of a Real Estate Agent
Chapter 2: The Source and Nature of Agents’ Duties
Chapter 3: Commission
Chapter 4: Dealing with Special Parties
Chapter 5: Dealing with Special Transactions
Chapter 6: Estate Planning
Chapter 7: Real Estate Agents’ Mistakes
Appendix A: Real Estate and Business Brokers Act, 2002(S.O. 2002, c. 30, Sched. C)
Appendix B: General Regulation (O. Reg. 567/05)
Appendix C: Code of Ethics Regulation (O. Reg. 580/05)
Appendix D: Delegation of Regulation-Making Authority to the Board of the Administrative Authority (O. Reg. 581/05)
Appendix E: Delegation of Regulation-Making Authority to the Minister (O. Reg. 568/05)
Appendix F: Educational Requirements, Insurance, Records, and Other Matters (O. Reg. 579/05)
Appendix G: Land Transfer Tax Rates (Provincial and Municipal)
Rosemary Bocska, B.A. (Hons.), LL.B. & Martin K.I. Rumack, B.A., LL.B.
Rosemary Bocska, B.A. (Hons.), LL.B. is a research lawyer providing in-depth legal research and writing services on a broad range of topics for lawyers and law firms across Canada. She also works for various legal publishers, providing research, manuscript-writing, and consultation services. She has written for numerous law publications, law firm websites, legal newspapers and current-awareness services. She is one of the authors of Ontario Limitation Periods, 2nd Edition, and is the updating author of several publications including Ontario Residential Real Estate Practice Manual, Employment in Ontario, Employment in Alberta, and Employment in British Columbia all from LexisNexis® Butterworths.
Martin K.I. Rumack, B.A., LL.B. has been practising for over 30 years in business law, wills, powers of attorney and estate planning and administration. He specializes in real estate law, acting for clients including residential and commercial buyers and sellers, financial institutional lenders and developers. Mr. Rumack is one of a select few lawyers who acts not only on deals involving condominium properties, but also handles transactions involving co-ownerships and private equity co-op properties, for buyers, sellers and financial institutional lenders. He has also been involved in the conversion of rental buildings to co-ownership and condominium structures. He has developed and taught credit and non-credit courses for the Toronto Real Estate Board other real estate boards throughout the province of Ontario and has also developed and presented numerous professional education seminars.
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