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A real estate sign that reads "For Sale" and "Sold Above Asking" stands in front of housing in Vaughan, a suburb in Toronto, Canada, May 24, 2017. (MARK BLINCH/REUTERS)
A real estate sign that reads "For Sale" and "Sold Above Asking" stands in front of housing in Vaughan, a suburb in Toronto, Canada, May 24, 2017. (MARK BLINCH/REUTERS)

Ontario realtors association condemns industry regulator’s escalation clause advice Add to ...

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The association representing Ontario realtors has issued a condemnation of recent advice from Ontario’s real estate regulator on how to use escalation clauses in home bidding wars, saying it should be made clear that the clauses cannot be used because they breach ethical guidelines for realtors.

The Ontario Real Estate Association, which represents realtors in Ontario, sent a letter on Tuesday to the Real Estate Council of Ontario (RECO), criticizing the industry regulator’s recently published advice on escalation clauses, which are provisions added to an offer to buy a new house that promise to automatically top any better offer.

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