Is a real estate agent negligent in failing to advise the purchaser of a commercial building from a numbered company?
Ontario, Canada
The following excerpt is from Ristimaki v. Cooper, 2004 CanLII 16074 (ON SC):
In Wong v. 407527 Ontario Ltd., supra, the plaintiffs sued, among others, their real estate agent through whom they had purchased a commercial building from a numbered company. The trial judge held that the real estate agent was negligent in failing to advise the plaintiffs of the risk of contracting with a numbered company and, more particularly, in failing to attempt to obtain security for the warranty of rental income given by the numbered company. The trial judge awarded damages against the real estate agent equivalent to the full amount of the unpaid warranty claim.
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