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Navigating time sensitive real estate offers

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Navigating time sensitive real estate offers

Date: 10/02/2018 | Source: http://www.thestar.com

Can a real estate sales agent really promise to buy your house if it doesn't sell within a certain time frame? Yes, however this might not always be the best option. This arrangement doesn't always work out as expected, so make sure you speak with a lawyer and fully understand the terms. If you do need to sell your house quickly, this could definitely be a good option - as long as you are informed. The Star said, "When a registered salesperson or broker gives you an offer to purchase your property for their own use, they must give you written disclosure of information, such as whether they are buying it for themselves or a related person; any facts that may affect the property’s value; and any plans they may have for it." 

If a real estate salesperson offers to buy your home, it’s an offer you can refuse

I spoke to a real estate salesperson who offered to buy my house if he can’t sell it after a certain length of time. Can he do this? Should I sign him as my rep? The short answer to your question is that the type of arrangement you mentioned isn’t specifically prohibited under the Real Estate and Business Brokers Act, 2002 (REBBA). So you may wish to consider the salesperson’s offer if you need to sell your home quickly and obtaining the highest selling price isn’t necessarily your primary motivation. It’s a valid business practice.

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