BUYER
BEWARE ! ! ! USING A SELLERS AGENT TO BUY IS LIKE USING THE OTHER PARTY’S LAWYER IF
THEY SUE YOU !
Even the most uniformed person knows better than to try to use the other guy’s lawyer
when he sues you yet you would be amazed to know how many people buy condos from the
seller’s agent. Whether you find a property of interest on the Internet, on tv, in a
magazine or in the newspaper it is important that you understand that the person
advertising that property is the “Agent” of the Seller!
That “Agent” accepts a number legal obligations with the Seller and a couple of
the most important of these legal obligations is that they must “protect the best
interests of their client” (the Seller). “Confidentiality” is also a key
“fiduciary” (legal) obligation, as is “Full Disclosure”. Most
importantly, they DO NOT hold these legal obligations to you (“Buyer”). The law
requires that they must deal with you (considered a “customer” under law)
honestly. So, if you know all of the pertinent information, background and related
information necessary to make an informed decision you should have no problem representing
yourself. If not, you had better find yourself a professional “Buyer’s
Agent”. That’s all that I do. I’ve got almost three decades of
hands-on experience in Toronto selling condos for developers and it’s been said that
I could sell you one even if you don’t want it. Actually my track supports this. The
reality is that there are dozens of “top gun” sales professionals working in the
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industry both at
condo presales sites and in resales and there is a better than average chance that
you’ll end up facing off with one of them if you go out condo shopping on your own.
Most of the critically important information that you need is simply not available to you.
Developers do not associate their names with their condo developments thus track records
are unavailable. You are left with only the word of the developer and/or their agents
selling you the condo. You will find all sorts of full blown renderings of beautiful condo
buildings adorning sales offices suggesting a solid track record of that developer when if
fact most of the renderings are of buildings that they have not yet built!
Having been involved in the Toronto condo industry since 1980 when I joined the Reichmann
Family to turn around their ailing Queen’s Quay Residences
(still one of Toronto’s premier condos) I’ve literally seen it all! I know all
the developers and as they say “where all the bodies are buried”! I do not list
properties or represent developers thus I have no motivation to try to attempt to
influence your decision making process. My job is to give you all of the critical
information necessary for you to make your own “informed decisions”.
The playing field in the condo business is a slippery slope and the best way you can level
the playing field is to have me on your buying team
(you should also have a proven real estate lawyer and mortgage professional). My services are ABSOLUTELY FREE TO YOU! |
