It’s more than a full-time job trying to keep up with the way behaviour in the real-estate market is morphing these days.
The latest: Buyers possibly being asked to sign forms saying they understand the dangers of making no-subject offers.
(One of my Twitter commenters already noted that this makes it sound as though it’s the buyers pushing this, when, he said, it’s the realtors. That’s a good point.)
2 responses so far ↓
1 Morven // Apr 12, 2016 at 12:38 pm
All the realtors or their lawyers are doing is borrowing from securities regulation where brokers in theory are obliged to establish KYC (know your client) criteria.
The problem is if this is not under the control and direction of the Real Estate Board and their oversight regulator,.it is all smoke and mirrors to manage risks to the agents and their firms and not protect the public.
Another professional regulatory failure.
-30-
2 IanS // Apr 12, 2016 at 2:43 pm
I don’t think this is so much related to regulatory oversight as it is to real estate agents wanting to protect themselves. No-subject offers carry risks. A real estate agent doing their job will make their client aware of those risks and it makes good sense for them to obtain a written acknowledgement from the client that they understand the risks.
There’s no need for any regulatory oversight here; it’s just some smart realtors protecting themselves.