Realtor who allegedly flipped clients' homes stripped of license

Before the creation of Realtor associations and multiple listing services, most real estate practitioners were not an agent of the buyer or seller, but a “speculator,” “middleman,” “curbstoner” or “optioneer.”

That’s according to former National Association of Realtors General Counsel William North, in a 1993 defense of subagency entitled “Agency, Facilitation and the Realtor.”

In other words, real estate practitioners would use their knowledge of what properties were for sale — and who might be interested in buying them — to flip properties themselves, rather than merely connecting buyers and sellers.

Now a former Realtor in Ontario, Canada, is fighting to get his license back after being accused of buying a home from his clients for $97,000 — seven hours after agreeing to sell the same property for $175,000.

The agent, Kelly DaCosta, is also accused of buying another property from a client for $148,000 under a “guaranteed sale program” when he’d already lined up a buyer who was willing to pay $179,000.

An attorney for DaCosta told The Waterloo Region Record that DaCosta will appeal an Aug. 15 decision by a tribunal of the Real Estate Council of Ontario that upheld a ruling stripping him of his license. Source: therecord.com