What is the test for an agent to sell a property at a reasonable price?
Alberta, Canada
The following excerpt is from Polaris Realty (1995) Ltd. v. Minchau, 2010 ABQB 116 (CanLII):
To begin this discussion, it is useful to repeat the relevant portion of the quote from D’Atri v. Chilcott: 3. that not only must the price paid be adequate but the transaction must be a righteous one and the price obtained must be as advantageous to the principal as any other price that the agent could, by the exercise of diligence on his principal’s behalf have obtained from a third person; 4. the onus is on the agent to prove those duties have been fully complied with.
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