Schedule B to accompany all offers...
Please attach Schedule B...
By: Ariel Kormendy
Have you seen this before in the listing description of a property advertised for sale? Are you unsure of what this is or what it means? Read on...
Like in any profession, one of the glaring differences between an average performer and the best performer is within the attention to details.
One of the details that a Realtor may overlook (shame, shame) is having a listed property advertised on Realtor.ca with a short description. Often times, we see these short descriptions include a sentence at the end that says something to the lines of "Please attached Schedule B to all offers.". There is no reason for this to be advertised publicly in the description of the property. Only other Realtors need to know this. Tell the public about the Kitchen, Bathrooms and maybe, just maybe, it has a lovely yard for little Johnny and Fido to play in.
I remember about 13 years ago when I first started my process of purchasing my first home... I had NO idea what "Attached Schedule B to offers" meant. In fact, I clearly remember my thought process when I read this. "Is this a bank sale?", "Is it being sold as-is?". I asked my father and he too, was not familiar (even though he purchased a home just a few years prior and I later found out that he did in-fact sign one).
For many people that have bought and sold many properties in their lifetime, they may know exactly what "Schedule B" is and what it is used for. But as a young, first-time home buyer, I had no clue.
It's really quite simple. "Schedule B" (typically, Form 105 in Ontario) is an attachment to and becomes part of the Agreement of Purchase and Sale between the Buyer and Seller. It is the listing brokerage that will ask to have it attached with any offers to ensure proper disclosure on the sale of said listed property.
Typically, this Schedule will disclose the handling procedures of the deposit and whether or not there will be interest paid on this at closing, as typically, the deposit can sit in an interest bearing trust account and if it is, it needs to be properly disclosed. (Many brokerages will not pay the interest as the amounts are insignificant when taking bank and administrative charges into consideration.)
This Schedule may or may not include acknowledgments for advertising, permissions, etc.
It is not mandatory include a Schedule B with all offers as some brokerages simply do not use them. Our brokerage does us this form and is attached to all of our company listings. We're happy to share a copy with you! CLICK HERE to view a copy of our Schedule B.
As professional Realtors that take pride in ensuring our clients are receiving the best advice and representation possible, we understand that purchasing and selling a home are the biggest transactions that you will ever make in your life. Sometimes, there are seemingly small things along the way that you may not know or have questions about. That's OK. We're here to help!