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When Must A Conditional Sale Be Reported?

March 18, 2013 - Updated: March 18, 2013

 

 

RE/MAX CROSSROADS RULES & REGULATIONS BULLETIN:

 

When Must A Conditional Sale Be Reported?

a)      Within 48 hours of acceptance of the offer;

b)      Only upon receipt of deposit;

c)      Within 2 TREB Business days following the acceptance of an offer; or

d)      After the Seller has provided written direction to report the conditional sale.

 

The correct answer is “c”.  According to TREB Rule, R-610:  the sale, lease or sub-lease must be reported whether conditional or firm within 2 TREB business days following the acceptance of an Offer.

 

Frequently, agents wait to receive the deposit before they report a conditional sale.  This misunderstanding of the Rules leads to frustration by fellow REALTORS® and their clients trying to view the property, and is a costly mistake when the Rule breach is brought to TREB’s attention.  

 

With this in mind, please report your conditional sale, lease or sub-lease to our in-house deal secretary within the above-noted timeframe.  You can conveniently fax / email / drop it off in person at the office.    

 

For a complete reading of the TREB MLS® Rules and Policies, please click here.

 

 


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