Recently read in For the RECOrd, published by the Real Estate Council of Ontario
Advertising Sold Properties
Advertising sold properties can be an effective way to market your skills and catch the eye of potential clients. Just be sure to follow RECO’s guidelines when advertising sold properties, or else you risk paying a penalty that can offset the commission you worked hard to earn.
Your advertisement cannot include information that could be used to:
- Identify the buyer or seller in the real estate transaction, unless the buyer or seller has consented in writing.
- Identify a specific property (e.g., images or text), unless the owner has consented in writing (the owner being the seller if the transaction isn’t complete; the buyer once the transaction has closed).
- Identify the specific details of an agreement (e.g., price or terms), unless written consent has been obtained from both the buyer and seller.
Remember, if you need to get in touch with a buyer or seller who is represented by another brokerage, you must do so through the co-operating registrant, or obtain written consent before reaching out to the client.
Chattels and Fixtures
Your client loves the house inside and out. It has great finishes, roomy spaces and lovely lighting. But it’s important to remind them that what they see isn’t always what they’ll get. Buyers are often caught off guard when they find out that the furnace, appliances, water heater, alarm system or other things they thought were “part of the house” are not actually included.
“It’s easy for buyers to get caught up in the excitement of house hunting and forget the finer details,” says Real Estate Council of Ontario (RECO) Deputy Registrar Bruce Matthews. “Registrants should take the time to determine what is and is not included so that their clients aren’t stuck without appliances or light fixtures, or with hefty rental commitments that they didn’t expect.”
Before you put in an offer on a property, make sure all chattels are detailed in writing. As additional protection, you can include a clause in the offer stating that the seller will pay out any outstanding leases on the home’s major systems.
“By getting everything in writing you can ensure that your client knows exactly what’s included in the sale,” says Matthews.