Is an Office Schedule B Important? $10,000 Fine Says So

Reco Case Study – Schedule B Clauses – Advertising

Our Office Schedule B is a Mandatory Form that must accompany all our Listing Offers.   Every Real Estate Office will have its own version.

If we are the Listing Brokerage – Reco states You Must Use Our Mandatory Schedule B

If you are acting as a Buyer Agent and a Listing Brokerage states they don’t have a Schedule B in their office, that’s fine – we are only responsible for our own Listings.   We do recommend you try and insert the Advertising clause in case you wish to blog or advertise the sale as a buyer broker.

There is a reason Schedule B’s are important – here is one of them:

RECO fine – $10,000  – Overview of the Case

Agent prepared an Agreement of Purchase and Sale on a property with Schedule B and clause with permission to advertise the sale of the property.

During the course of negotiations, the clause for permission to advertise was deleted.

Agent, however, distributes advertisements stating the sale of the property as having been “Sold in 7 Days” and “Sold Over Asking 114%”   See Case Result Below:

Sample Office Schedule B.   
More clauses can be added, we are just covering the basic mandatory clauses below

If you need help with attaching your schedule B or where to locate the document, please don’t hesitate to call our office!

416-896-3333

www.SuttonRealty.com

Save the Date For our Sutton Celebration Luncheon!

Save the Date For our Sutton Celebration Luncheon!
Jan 30th 2020, More Details to Follow in The New Year!

Sutton Group Realty Systems Inc., Brokerage
416-896-3333 / 905-896-3333
www.SuttonRealty.com

Sutton Office Training – Basics of Offers & The Misunderstood 801 Form

Sutton Agents! We have TWO training dates this week!

Make sure that you RSVP below!!

Topics: Basics of Offers & The Misunderstood 801 Form

* Thursday June 6th, 1:30pm at the Bloor West office
* Friday June 7th, 1:30pm at the Dundas office

Click here to register:
https://www.surveymonkey.com/r/F2W9V57

Agenda:
  • 801 Form: When and How to Use the 801 Form to Comply With RECO
  • Schedule B
  • Registering: When and How to Register Your Offer
  • Is an Office Admin Required to tell you how many offers are Registered?  
  • Typical Clauses
  • Watch Out for Extras – Dont Pay for Another Furnace or Hot Water Tank
Video Reminder:
Don’t forget if you need help with Digital Signatures we have a great video webinar on YouTube:
https://www.youtube.com/watch?v=ac0QOw0ShiE