On December 1, new real estate legislation came into effect in Ontario.
One of the most significant changes relates to sharing the content of competing offers.
Previously, REALTORS® were prohibited from sharing the terms of offers. For example, if a seller received five offers on her home, her REALTOR® couldn’t tell any of the buyers any parts of any of the other buyers’ offers.
Since December 1, the changes to real estate legislation now allow a REALTOR® to share the contents of offers if the seller so wishes.
A seller may direct that all of the content or only parts of the content of offers be shared, (except any personal information of the person making the offer or any information that would identify the person making the offer).
Sellers are not required to determine in advance of receiving offers whether or not they are going to share terms of offers. A seller is free to decide to share or not share at any point in the process.
There are many issues for both buyers and sellers to take into consideration about this new process. For example, what, if anything, can buyers do if they don’t want the terms of their offer shared with other buyers?
Partnering with an Erie’s Edge REALTOR® can help you navigate the complexities of offer presentations, weighing the potential risks and benefits to make an informed decision that will result in the best outcome for you.
(519) 586-7922
Our REALTORS®
Close
Register
Log in
Mortgage calculator
