Real estate lawyers have reported an uptick in legal actions related to real estate deals that fell apart due to increasing interest rates
A good piece of advice for anyone buying real estate is buyer beware. But recent court rulings show that sellers, too, should beware; clauses in the listing agreement can mean the realtor can claim a commission – even if a sale doesn’t close.
“It is often the case that terms form part of an agreement of purchase and sale that are not favourable to buyers and sellers,” said Daniel Waldman, a real estate litigator with Dickinson Wright LLP. He says claims by buyers or sellers that they didn’t understand such an important clause won’t cut it in front of a judge. “Courts will often still stand by the rule that the party is stuck with the agreement they signed.
And in case that’s not clear enough it goes on: “The Seller further agrees to pay such commission as calculated … even if the transaction contemplated by an agreement to purchase agreed to or accepted by the Seller or anyone on the Seller’s behalf is not completed, if such non-completion is owing or attributable to the Seller’s default or neglect.”
“All of our Forms and Clauses go through an annual review process that keeps them current with emerging market trends, changes in legislation, and regulation,” wrote Ms. Delicano in a statement.
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