If a buyer’s agent acting in a fiduciary capacity on behalf of their principal, and who without the express instructions of their principal, FAILS

- to modify the preprinted Standard Form of Agreement of Purchase and Sale with the insertion of appropriate terms and conditions in addition to the deletion of inappropriate terms and pre-conditions contained in the Standard Form, or fails

- to take reasonable steps to ensure the identities of the parties to a real estate transaction with regard to mortgage fraud and or money laundering in compliance with federal law, or fails

- to take reasonable steps to ensure the accuracy of the property description, with the attachment of a property survey, or other valid document, as a Schedule forming part of the agreement and with the subject property outlined in “red”, or fails

- to remove any ambiguities in the Standard Form, for clarity and with respect to the legal doctrine of contra proferentem, or fails

- to ensure appropriate terms in relation to the buyer’s initial deposit in-trust to the benefit of both the buyer and seller with the opposing party’s agent as stakeholder, pending completion or termination, or fails

- to ensure the appropriate clauses in relation to mortgage financing, or fails

- to ensure the appropriated clauses in relation to home/building inspections, heating and fireplace inspections where applicable, or fails

- to insure the property is insurable in relation to aged oil tanks, or other matters, if applicable, or fails

- to ensure that insurance coverage is available at a reasonable premium, or fails

- to ensure the insertion of appropriate warranty clauses in relation to latent defects, and/or property deficiencies, work orders, zoning by-laws as may be applicable.

- to ensure that contingencies are related to the fulfilment as opposed to the waver thereof.

A review of all documentation involved in a transaction, and absent one or more provisions in the protection of the buyer’s interest, may give some indication as to whether or not the buyer’s agent, through ignorance or by design had been in “collaboration” with the seller’s agent and in breach of their fiduciary duty to their buyer.

A breach of the agents fiduciary duty to a principal, opens the door to the possibility of litigation and the loss of any compensation paid or due in conjunction with liability for damages as suffered by the principal.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this
information .

where is this cited from? link?

Follow up:

It has always been my belief that a person with common sense, did not need to get hit by a truck when crossing the street against a RED LIGHT, to know that there was an element of RISK INVOLVED.

Aditional information relating to real estate law may be gained at the following websites:

http://www.reco.on.ca/ComplaintEnf.aspx?section=DiscHearDecisions

Which is Real Estate Council of Ontario - Complaints and Enforcement - Discipline & Appeals Hearings and Decisions (and which you may have to cut and paste) also

http://www.aaron.ca/columns/toronto-star-index.htm

http://markweisleder.com/starcolumns.htm

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

DA,

Could you indicate a direct link to the webpage for what you posted rather than have to search through cases or regs....

I think this is a wakeup call to alot of agents holding themselves out to be buyers agents.

Broker, there is no direct link to a webpage that encompasses all the variables concerning agency law and the fiduciary relationship. My knowledge comes from study and my personal law library in which I have invested more that $30,000 and a study period in excess of 26 years, plus the cost and expense of attending numerous legal seminars.

I am sorry to say that there is no quick study, quote or website that I am aware of, that will answer your question.

It is my belief that most agents in general probably have had little training in law and the intricacies of being a buyer's agent in a fiduciary relationship and the risks involved.

I also believe that buyer agents should be compensated with a non-refundable retainer if they are expected to point out all the visible and/or known deficiencies surrounding a property, and thereby nullifying their possibility of earning a commission.