The seller acknowledges that ComFree has strict obligations to the real estate board for changes in any status of the Property for sale. This includes the obligation of the Brokerage to report to the real estate board the following:
A) Any offer that has been accepted, conditional or firm, names of the buyers and sellers, buyer’s agents name and brokerage name, selling price and closing and conditional status;
B) Any change in offer status such as conditions being waiver, or offer is terminated;
C) Property is no longer being offered for sale;
D) Any change in closing date;
E) Any change in selling price;
F) Any other reporting requirement that homeFree Realty Inc. advises the Seller that the Brokerage has in connection with its obligations to the real estate board, CREA or any other Governing body.
Within 24 hours of the occurrence of one of the above events, the Seller shall forward to the Brokerage the information required on the form stipulated by the Brokerage from time to time or such other form as required by the Brokerage completed accurately by the Seller with all information relevant to he event that has occurred. In addition, the Seller shall provide to homeFree Realty Inc. at the same time the relevant documents related to such event such as the executed Agreement of Purchase and Sale, waiver of condition or termination of agreement and release, as the case may be.
The Seller acknowledges that the failure of the Seller to provide the information required in the time frames as stipulated above could result in the Brokerage facing fines or sanctions from various parties. In addition to any other responsibility that the Seller may have as set out elsewhere in this Agreement, the Seller specifically agrees to indemnify and hold harmless the Broker and its sales representatives and brokers from any damages that they suffer or costs that they incur as a result of the Seller’s noncompliance with its reporting obligations as set out herein.
The Seller hereby Acknowledges that any fines incurred by the Brokerage due to the Seller’s failure to report any of the foregoing status changes in the required timeline, will result in the fine being passed on to the seller, and the seller then agrees to repay HomeFree for any such fines.