12/11/2024
Dear friends and colleagues,
A year ago, changes were made to Section 135.1 of the Trust in Real Estate Services Act. Now, under certain conditions, we, as realtors, can disclose details of competing offers to realtors representing other buyers who have submitted offers, provided there are multiple offers on the property.
The specific requirements are outlined in Regulation O. Reg. 357/22, Section 22.7. Here’s a brief summary:
At the seller’s direction, the brokerage may disclose the substance of competing offers to realtors representing other buyers who have submitted offers.
The seller decides which specific details of the offers may be disclosed.
Personal information about participants or any identifying details cannot be shared.
To facilitate this process, OREA has created a special form, Form 209.
Why is this beneficial? When buyers know the details of competing offers (such as price and conditions), they are often motivated to make more competitive offers. This increases competition and can lead to higher sale prices. Additionally, it makes the process more transparent and fair, as all participants have equal access to information. This benefits both sellers and buyers.
What do you think? Share your thoughts and experiences—it will be great to discuss!
