Comments on: Ontario court says Schedule B addition sinks seller’s $50K claim https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/ Canada’s premier magazine for real estate professionals. Thu, 05 Dec 2024 22:42:24 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Jeff Miller https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20997 Thu, 05 Dec 2024 22:42:24 +0000 https://realestatemagazine.ca/?p=35958#comment-20997 Legal twists and turns. When is a deal struck/not struck, countered/reopened? Compare to a deal conditional on a home inspection – if problematic the buyer could walk away or try to renegotiate the price – but conversely one might imagine a case of a seller trying to claim that reopens/rescinds the contract [perhaps so motivated if they have a “better offer” in the wings]

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By: Omer Quenneville https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20994 Thu, 05 Dec 2024 17:06:56 +0000 https://realestatemagazine.ca/?p=35958#comment-20994 A simple amendment with the terms added to the APS instead of adding the schedule B would have been suffice. Then the terms could have become negotiable if necessary. Knowing your way around and be confident. When in doubt, check with your broker of record.

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By: sloan van mierlo https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20989 Wed, 04 Dec 2024 21:10:47 +0000 https://realestatemagazine.ca/?p=35958#comment-20989 In reply to Sandra Jackson.

Did they change the aps? Then hand it back after the fact? If this was the case then absolutely the seller needed to be punished. I thought reading this the issue was a new sch B to sign.

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By: Sandra Jackson https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20987 Wed, 04 Dec 2024 19:52:23 +0000 https://realestatemagazine.ca/?p=35958#comment-20987 In reply to sloan van mierlo.

Sloan Van Mierlo: It’s also a good lesson for realtors to put their pens away when they have a binding contract. DO NOT touch that in any way. Let it stand. That missing Schedule B did not harm the deal until the front page of the APS was changed.

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By: Sandra Jackson https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20986 Wed, 04 Dec 2024 19:43:20 +0000 https://realestatemagazine.ca/?p=35958#comment-20986 This is exactly why I teach realtors to NEVER touch a binding contract in any way without a phonecall to the client’s lawyer explaining the situation. Put it onto the lawyer’s E&O insurance. Now this seller has a very excellent case against their own realtor for advising this. One simple misstep can have a catastrophic outcome.

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By: John Nolan https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20985 Wed, 04 Dec 2024 17:03:27 +0000 https://realestatemagazine.ca/?p=35958#comment-20985 In reply to rod lovat-fraser.

Rod:

The premise of the ruling was not so much the clauses and details in Schedule A, rather that the Seller agreed to all terms in the initial offer, but included a Schedule B in the ‘acceptance’ reply.

The article does not state clearly, but I have to assume Seller accepted all terms of the offer, and seemingly executed the Confirmation of Acceptance area.

The MLS listing asked that Schedule B be included with all offers, a seeming Brokerage administrative form (banking days, Registry, deposit instruction details, lock box on closing).

In my read,
– The Listing Agent might have insisted that the Offer be completed in full (Schedule B included), before presenting to the Seller,
– Or agree to the offer, but counter-offer (not signing the COA), then including Schedule B. Buyer may have then executed the COA, for a binding contract,
– Or COA executed by Seller on the initial Offer. Done. Deal is now binding. Then deal with the Listing Brokerage administrative items of Schedule B via an Amendment thereafter.

I do wonder if the Seller might actually have a better claim against their own Realtor®?

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By: sloan van mierlo https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20984 Wed, 04 Dec 2024 16:26:47 +0000 https://realestatemagazine.ca/?p=35958#comment-20984 what a strange decision, binding a schedule B or missing schedule B to constitute a failure to the agreement in a whole. I suspect the buyer had the 24 hour remorse on buying this home, or found a cheaper home. I think this a lesson in making sure buyers sign everything and before sending over documents for signing that all the paperwork is their, cause this will no doubt give future buyers an out that every seller don’t want. We always go into these negotiations with good intensions that every party will live up to their part. I know we all feel at some point when a deal is going side ways before it goes sideways.

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By: Andrew Cassel https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20983 Wed, 04 Dec 2024 15:01:27 +0000 https://realestatemagazine.ca/?p=35958#comment-20983 Would be interesting how the judge ruled on costs.

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By: rod lovat-fraser https://realestatemagazine.ca/ontario-court-says-schedule-b-addition-sinks-sellers-50k-claim/#comment-20980 Wed, 04 Dec 2024 13:15:48 +0000 https://realestatemagazine.ca/?p=35958#comment-20980 Would a clause added to the schedule A stating:

“Buyer and seller agree that this agreement is binding upon both parties”

have averted the “counter offer” argument?

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