A seller receives two competing offers simultaneously. Under Ontario's rules for registrants, what is the obligation of the seller's registrant?
Correct Answer
A) Present all offers and tell each buyer how many competing offers there are
The registrant must convey every written offer to the seller as soon as possible (O. Reg. 567/05 s. 22.10). Because the seller's brokerage has received competing written offers, it must also tell every person making one of the offers how many competing written offers there are (s. 22.7(1)(a)), and share their substance only if the seller directs.
Why This Is the Correct Answer
This answer matches the regulation: every written offer must be conveyed to the seller (s. 22.10), and each buyer making a competing written offer must be told how many competing written offers there are (s. 22.7(1)(a)).
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Previous Question
A seller receives two competing offers on the same day. The first offer has no conditions, and the second offer is conditional on financing and home inspection. How should the seller's agent advise them to proceed?
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A seller receives two offers on the same day: Offer A at $500,000 with no conditions, open until 9 p.m., and Offer B at $520,000 with a financing condition, open until 11 p.m. At 8 p.m. the seller signs Offer A and returns it to that buyer. What happens to Offer B?