Selling your home?

RED FLAGS: THE CLIENT

RED FLAGS: THE TRANSACTION

·         Does not care about property, price, interest rate, legal and/or brokerage fees

 

·         Uses only cell phone number contact

 

·         Cannot produce title documents, survey, reporting letter, tax pr utility bills

 

·         Does not appear familiar with property

 

·         Won’t permit contact with prior lawyer

 

·         Clients “out of sync” with property – Eg. Don’t appear educated/affluent enough

 

·         Funds directed to third party with no apparent connection to transaction

 

·         Stranger who appears to control client attends to sign documents

·         Repeat activity on single property or for single client

 

·         Rental and vacant properties especially vulnerable

 

·         Client buys and sells often, prefers to deal in cash

 

·         Property listing expired without sale (Eg. Sale may be unregistered)

 

·         Frequent and quick mortgage  discharges on property

 

·         New referral source sending lots of business

 

·         “Rush” deals, often with promise of more

 

·         Client produces small deposit relative to price

 

·         No amendments to Agreement of Purchase and Sale

 

·         Municipality or utility companies have no knowledge of client’s ownership

 

·         Client paying little or nothing from own funds

 

·         Unusual adjustments in favour of vendor, or large vendor-take-back mortgage

 

·         Use of counter cheques / Use of Power of Attorney