nchopra
Jul 30th, 2007, 09:58 AM
Does anyone know what happens in the following situation:
An Agreement of Purchase and Sale (to sell/buy a house) was signed by the seller, seller's agent, buyer and buyer's agent. The real estate company is Royal LePage for both the buyer and seller but with different agents.
In addition to the Agreement of Purchase and Sale, another document called the Confirmation of Co-operation and Representation was being signed. I'm not sure if this is always signed or just when the buyer's agent and seller's agent represent the same real estate company. In our case this document showed a breakdown of the commissions. Due to a discrepancy in what the final deal was supposed to be however, the same version of this document has not been signed by the buyer and seller. I think the buyer and seller have signed different versions which affects what the commission should be (the agents were adjusting their commissions to make the deal work).
Nothwithstanding the above, the house sold firm ie Presumably the conditions of financing and house inspection were waived by the buyer. The seller's agent never contacted the seller to say the house sold firm (obviously a falling out between the seller and his agent has occurred). The seller's agent just put a sold sign on the signage located on the property.
As a result of the above what happens (at closing) since the Comfirmation of Co-operation and Representation is not complete? How will the lawyer (buyer's or seller's?) know what commission to use? Will he use a commission that has not been signed off by the seller? I was told that the Comfirmation of Co-operation and Representation should have been signed prior to the sale occurring otherwise the agent is in violation with the real estate board. I'm not sure if this is true? But we have a dilemma now.
An Agreement of Purchase and Sale (to sell/buy a house) was signed by the seller, seller's agent, buyer and buyer's agent. The real estate company is Royal LePage for both the buyer and seller but with different agents.
In addition to the Agreement of Purchase and Sale, another document called the Confirmation of Co-operation and Representation was being signed. I'm not sure if this is always signed or just when the buyer's agent and seller's agent represent the same real estate company. In our case this document showed a breakdown of the commissions. Due to a discrepancy in what the final deal was supposed to be however, the same version of this document has not been signed by the buyer and seller. I think the buyer and seller have signed different versions which affects what the commission should be (the agents were adjusting their commissions to make the deal work).
Nothwithstanding the above, the house sold firm ie Presumably the conditions of financing and house inspection were waived by the buyer. The seller's agent never contacted the seller to say the house sold firm (obviously a falling out between the seller and his agent has occurred). The seller's agent just put a sold sign on the signage located on the property.
As a result of the above what happens (at closing) since the Comfirmation of Co-operation and Representation is not complete? How will the lawyer (buyer's or seller's?) know what commission to use? Will he use a commission that has not been signed off by the seller? I was told that the Comfirmation of Co-operation and Representation should have been signed prior to the sale occurring otherwise the agent is in violation with the real estate board. I'm not sure if this is true? But we have a dilemma now.