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Duties and Liabilities of Ontario Real Estate Professionals
Author
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LexisNexis Canada Editorial
As the stakes in the industry continue to rise, it’s becoming increasingly critical for real estate professionals to gain a thorough understanding of their duties and liabilities. This new publication is the perfect starting point.
Publication Language: English
Published: November 12, 2020
Publisher: LexisNexis Canada
Duties and Liabilities of Ontario Real Estate Professionals is destined to become a must-have resource for professional advisors in real estate transactions as it provides an in-depth analysis of their responsibilities – and potential liabilities.
A Comprehensive Volume
For real estate lawyers, actions alleging breach of fiduciary duty or negligence are occurring more and more often – and insurance costs are increasing as a result. Real estate brokers and salespersons are facing similar challenges: the enactment of the new Trust in Real Estate Services Act, 2020 means they are being held to higher standards of expertise, professionalism and loyalty to the principal, as well as much more disclosure.
The combination of this elevated risk and the ongoing changes to the relevant legislation and policy makes it incumbent upon real estate professionals to stay up-to-date and informed. That will be the most effective way for them to learn how to cope in the evolving environment of enhanced public awareness and magnified expectations.
This comprehensive work offers insightful analysis and commentary that will help real estate professionals meet those goals while navigating the complex rules that govern their practice. Logically organized, with easy reference to the relevant case law and legislative provisions – as well as a number of useful sample precedents, including listing agreements, a customer service agreement and a buyer representation agreement – Duties and Liabilities of Ontario Real Estate Professionals is sure to become an indispensable resource.
Who Should Read This Book
This comprehensive volume will be especially useful for:
- Real estate lawyers and paralegals who need a resource to help them understand the laws and regulations that govern their practice
- Real estate agents/realtors who must navigate the complex network of laws that govern real estate transactions and understand the allocation of liability in various scenarios
- Real estate brokers or legal counsel to brokerage firm who want to better understand their professional responsibility
- Real estate property managers who seek to gain a better understanding of the various roles and levels of liability of the different players in real estate
Part 1: The Solicitor
Chapter 1: Solicitor’s negligence
A. Introduction
B. Nature of the solicitor’s duty
C. Limitation period
D. The standard of care
E. Conflict of interest
F. Examples of negligence
G. Duties to non-clients
H. Undertakings
I. Measure of damages
J. Procedure upon discovering mistake
Chapter 2: Title insurance
A. Introduction
B. Ontario legislation governing title insurance
C. Relationship to clients
D. Standard of care
E. Policy recommendation
F. Claim by an insurer
G. Advice to residential clients
H. Advice to commercial clients
I. Advice to mortgagees
J. Title fraud and title insurance
Part 2: The Real Estate Brokerage, Broker and Salesperson
Chapter 3: Regulatory framework
A. The real estate broker – Registration
B. Registration and trading in real estate
C. Registration and actions for commission
D. The Real Estate Council of Ontario and the Registrar, Real Estate and Business Brokers Act, 2002
Chapter 4: Duties and responsibilities
A. Representation (agency) agreement and customer service agreements
B. Fiduciary duties
C. Disclosure requirements
D. Breach of duty
E. Misrepresentation and fraud
Chapter 5: Commissions
A. Introduction
B. Listing agreement – Commissions
C. Buyer representation (buyer agency) agreement – Commissions
D. Customer service agreements – Commissions
E. Commissions – Disclosure
F. Right to commission where transaction does not close
G. Actions for commission
H. “Obtained” an offer
I. Other action for commission decisions
Chapter 6: Customers, agency and trust accounts
A. The deposit and the real estate trust account
B. The real estate brokerage as agent
C. The buyer or seller as customer, not client
Chapter 7: Organized real estate
A. Introduction
B. REALTORS®
C. MLS®
D. REALTOR® Code of Ethics
Appendices
A. Client’s acknowledgment and consent to act for more than one party
B. Client’s instructions to proceed without survey
C. Law Society of Ontario resources
