Sentences with phrase «use escalation clauses»

Despite the inflated prices, homebuyers today often find themselves in aggressive bidding wars, and many are using escalation clauses with their bids, agreeing to pay a specific amount over the highest bid, up to a certain price.

Here RECO says that you can not disclose any part of the other offer to the buyer who wins using an escalation clause.

Because every transaction is different, we recommend that your buyer clients carefully consider the advantages and disadvantages of using an escalation clause, and to always consult with an attorney before including one in an offer.

Your buyer should consider a few things before using an escalation clause in their offer.

Not exact matches

The question is whether escalation clauses are permitted in an Ontario bidding war where agents are being used.

Unfortunately, unless RECO acts to prohibit the use of escalation clauses, no one submitting a purchase offer can be confident that the price in the offer will remain confidential and not be used against them.

The Ontario Real Estate Association (OREA), which represents 70,000 real estate agents and brokers in Ontario, has become involved in a public spat with the real estate industry regulator over the use of a controversial provision in purchase agreements known as an escalation clause.

The RECO newsletter notes that the use of an escalation clause could violate a provision in the industry Code of Ethics, which prohibits agents from disclosing the price and contents of competing offers.

@Christy Holt You can try mentioning to your Realtor to use an «escalation clause» in your offer which strengthens your offer against another offer with same price.