Episode 53: The Worst Real Estate Clause. EVER!

 "Seller and/or agent do not warrant retrofit status or legality of basement apartment." I call this the $50,000 clause for a reason. A bad one. Back in 2005, Toronto lawyer Bob Aaron wrote an article about how this clause is full of deception and should not be used. For me, that was enough. How many times do I still see it 14 years later? Want to guess how many listings have this wording being used as we speak? Just under 10 at the time of this podcast.  Blows my mind. And sellers do not seem to care that they are the ones on the hook also if this is ever challenged. This clause is usually added in after some glorious description saying how there is an in law or nanny suite potential. I give you permission to fire the agent if you ever see this on your listing. Better than the lawsuit that could follow by a buyer who has been misled to think the basement "may comply" . --- Send in a voice message: https://anchor.fm/TorontoRealEstate/message