Seller’s conduct is beyond RECO’s control

Q: We recently put in the highest bid with no conditions on a house that sold to an inferior offer (both in price and terms) apparently because the seller knew the bidder. Is this legal? A: RECO does not regulate the conduct of buyers and sellers.

However, when more than one buyer is interested in a property, the seller’s representative must disclose the number of competing offers to all buyers who have submitted a written offer.

The terms and conditions of each offer are confidential to the seller and their broker or salesperson.

Both sides — the buyers and seller — need to carefully consider how to respond to a competing offer situation.

Each buyer needs to decide if they want to participate in a competing offer situation and, if so, how the situation will influence their offer for the property. If you have a question for Joe, email askjoe@reco.on.ca. Joseph Richer is RECO’s registrar and is in charge of the administration and enforcement of all rules under the Real Estate and Business Brokers Act. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/ recohelps.