Canadian Money Forum banner

1 - 1 of 1 Posts

·
Registered
Joined
·
319 Posts
Discussion Starter #1
http://www.movesmartly.com/2010/07/reco-decision-heralds-new-rules-about-basement-apartments.html#more

"Based on my reading of the case, it seems that in similar circumstances, potential purchasers have a right to expect very high disclosure standards from their real estate agents:

• Agents are now required to verify the legality and/or intended use of basement apartments with the municipality before offers are submitted.

• Agents can no longer insert clauses into offers stating that they and the seller “do not warrant the retrofit status” of basement apartments (a common practice at present).

• Agents are now required to “follow through” and ensure that buyers will promptly receive a land survey if the offer provides for it."​
 
1 - 1 of 1 Posts
Top