Realtor who allegedly flipped clients' homes stripped of license

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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: