Buying "As is, where is"
Mar 20th 2009, 10:46 pm
#46
Seasoned Maritimer
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Mar 21st 2009, 2:50 am
#47
RETIRED Realtor
Joined: Aug 2006
Location: Winnipeg, Manitoba
Posts: 2,087
Re: Buying "As is, where is"
MB-Realtor - So it is possible to sue a realtor? The danger of the internet is, as everyone knows, anyone, often with the best of intentions, can pitch in 'facts' right or wrong. It is a devil to know what to believe sometimes.
When I posted a question on Yahoo Answers this is the reply I received:
"You cannot sue the realtor at all, he just lists the property as the owner tells him.
The OWNER on the other hand, would have produced for you a statement of Disclosure, which should have addressed both these issues. This notice is the only part of the contract that has a legal basis. Nothing on the listing is relevant, since it is assumed that you, the buyer, would ascertain the condition of the house before buying."
This is then, incorrect?
When I posted a question on Yahoo Answers this is the reply I received:
"You cannot sue the realtor at all, he just lists the property as the owner tells him.
The OWNER on the other hand, would have produced for you a statement of Disclosure, which should have addressed both these issues. This notice is the only part of the contract that has a legal basis. Nothing on the listing is relevant, since it is assumed that you, the buyer, would ascertain the condition of the house before buying."
This is then, incorrect?
It's all a bit complicated, naturally as the law is involved.
Real Estate is heavily legislated in Canada, as (unlike the UK) are its practitioners Real Estate Agents and Realtors.
WE are legislated by:-
1) Normal business laws at both the federal and provincial levels against fraud, misrepresentation, competition, etc.
2) Specific Provincial Real Estate Acts that legislate who can trade in Real Estate and How they have to be qualified and regulated. In Manitoba Real Estate Agents & Realtors are licensed and regulated by the Manitoba Securities Commission.
3) Any Federal or Provincial Laws relating to Agency and General & Fiduciary obligations.
1), 2) & 3) Apply to both Real Estate Agents & Realtors, Its is under these laws that we can be prosecuted both in criminal and civil actions.
The following apply to Realtors ONLY.
4) Federally ethical standards and best practices a decided by The Canadian Real Estate Association:-
http://www.crea.ca/public/realtor_co..._of_ethics.htm
5) Provincial Real Estate Associations; in my case Manitoba:-
http://www.realestatemanitoba.com/
6) Their Local Real Estate Board, in my case Winnipeg:-
http://www.winnipegrealtors.ca/
In the event of a complaint against an agent it should first be broached with their Broker who is responsible for their actions, then the Local Real Estate Board.
If it is a very serious complaint it should also be reported to the provincial Licensing body.
Plus of course you can sue in court for any damages that you may have sustained.
Mar 21st 2009, 5:27 am
#48
BE Forum Addict
Joined: Jan 2008
Location: Near Kingston, Ontario
Posts: 1,323
