The Holdover Clause; Does It Matter To The Buyer?

There was a recent CBC news story about a gentlemen who bought a house and was sued by his former agent for commissions "owed". The challenge here is that when you are selling your home a hold over clause usually negates when you sign a new listing agreement with an agent. When purchasing and signing a Buyers Representation Agreement (BRA) the holdover clause is not replaced with a new contract.

The concern here shouldn't be the holdover clause, it should be the BRA in the first place. Why should an agent get the exclusivity to my purchasing if they are not doing their job. In most cases, like the one in the CBC story, if the agent is enforcing a BRA holdover, it's likely they were not living up to the expectations of the client. Simply put, they didn't do the job they were contracted to do. I would think that, as a professional, I should work at earning my clients trust and respect to keep them loyal to me, not be a smooth talking salesman and sign them to a contract locking them up for upwards of 6 months.

The worst part of this story, IMHO, is that the governing body (RECO) says the buyer is at fault. This is what happens when you have self policed industries working under what could be considered a monopoly.

What are your thoughts? How would you feel if someone didn't do their job and you got told you had to pay $12,800 to them because they made you sign a bunch of papers as a "trusted professional"?


M

Cambridge Community Spotlight: Cambridge and North Dumfries Community Foundation

At PropertyGuys.com we relive in connecting within our community. We believe in doing good things, and helping those that are doing good things. Sometimes just simply shinning a light onto an orginization from our community can open a whole new world. Today we are shining a light on the Cambridge and North Dumfries Community Foundation. There are community foundations in many communities around the country and many people don't really understand what it is they do. I took some time and sat down with Lisa Short, Executive Director of the foundation, and asked some questions to help others better understand what it is the community foundation does.

Me: Lisa, thank you so much for taking a few minutes to sit down with me. I have known about the foundation for around 7 years through my previous work with the Cambridge Kiwanis Club. Before that I didn't really know what the foundation was, or for that matter that it even existed. Can you tell me, what exactly is the Cambridge and North Dumfries Community Foundation? 

Lisa: Our Community Foundation was built by the people, for the people of Cambridge & North Dumfries. A group of community minded individuals, concerned that government funding sources would slowly dwindle, came together to establish CNDCF. Their goal was to provide the Cambridge & North Dumfries communities with a permanent funding source. Cambridge & North Dumfries Community Foundation (CNDCF) exists to ensure the needs of our community are met today and tomorrow. We identify needs, fund a wide range of programs and help donors make lasting contributions. CNDCF is your partner in philanthropy. We share our in depth knowledge of our community to build and manage endowment funds for today and tomorrow. Through our granting program, we work with local organizations and caring citizens to support a wide range of initiatives to sustain and improve the quality of life here in Cambridge & North Dumfries.

• We grant locally to support local people, forever

• Your investment helps build a stronger Cambridge & North Dumfries.

•  We strive to understand and learn about our community and share what we know

• We pool your investment with that of others for maximum impact

Me: So the CNDCF receives donations from individuals and pools them together to support the local community. How is a community foundation different than other local community charitable organizations? 

Lisa: Grants are made possible through the investments of many community builders – our donors. Most gifts made to the community foundation are endowed; meaning the original gift is never spent. It’s the income earned on each gift that is used to make grants
to the community.  

By pooling the gifts of many, the funds grow and thrive. An endowed fund allows us to make a gift to the community each year, forever. That’s the Community Foundation difference. 

Me: I love that my money isn't just spent, that it is used as a resource to continue giving. As a family man I have to ask, how does the CNDCF affect me and my family? 

Lisa: Since 1998, CDNCF has provided more than $1.7 million in grants to more than 1000 local programs and projects. Supporting the both vital and creative programs and ideas that help a community thrive.  

Our community foundation plays a crucial role in how people give back to their communities. We strive to understand local needs and opportunities and champion the issues that matter to you.  

We work with a dedicated group of community minded individuals to provide grants to local organizations; directing grants to everything from children & youth at risk to shelter, from education and care for those who need it most, to the environment, and the arts and recreation. We believe that this helps to build a stronger community for everyone. 

Me: The CNDCF touches so many core areas of the community. How can someone like me support the foundation? 

Lisa: Get involved in your community! Be it through time, talent or treasure, help us build a stronger Cambridge & North Dumfries. Work with us at the Community Foundation to establish your lasting legacy fund, join a Foundation Committee or give us a call to discuss how you would like to make a difference. We would be happy to help you reach your philanthropic goals.

Me: So it doesn't have to monetary?

Lisa: Absolutely not. Monetary donations are key for the organization, but without people to volunteer their time to make a difference the money can't help anyone. 

Me: So how does someone get a hold of you to make a donation or volunteer their time?

Lisa: People can visit our website at www.cndfoundation.org to find out more about the foundation, sign up for our newsletter, apply for a grant, or make a donation of time or money.

Here is a video done by the Allison Neighbourhood Association showing what some of the CNDCF support is going towards:

I would like to thank Lisa for her time , not only for this interview, but for the time she dedicates to making our community stronger. If you know of another local organization that could use some light shined in their direction, let me know.

M