Rules Have Changed In Real Estate

Working with a real estate agent has changed in Ontario as of December 1st and here is how it will impact you.

The Real Estate Council of Ontario (RECO), regulates real estate agents and brokerages, educates consumers and promotes a safe and informed marketplace. RECO administers and enforces the Trust in Real Estate Services Act, 2002, known as TRESA.   

Under TRESA, effective December 1st, 2023, we as Realtors need to now review the following with every single person we come into contact with, when dealing with real estate. There will no doubt be a learning curve, however, like most changes, it will take some time to adjust. 

I don’t perceive any significant issues with the new regulations. I recognize the advantages of ensuring that whether you’re buying or selling, you are thoroughly informed to make well-informed decisions. As part of the process, I am obligated to guide you through the relevant information before offering my services. My goal is to equip you with insights in advance so that when the time comes, we can delve into a more comprehensive review together. 

Here is a high level overview of what you can expect to find in the RECO Information Guide:

Working with a real estate agent:

Includes the benefits of working with a real estate agent and what you can expect as a Client, along with your responsibilities as a client.

Know the risks of representing yourself:

Should you decide to represent yourself and decide not to work with a real estate agent, you need to know the associated risks if the real estate agent is working for the other person on the other side of the transaction. 

Understanding multiple representation:

Understanding multiple representation when the brokerage, or the agent, represents more than one client in the same transaction. 

Offer Protocol:

Sellers are now able to direct their agent as to whether or not they would like the details of their offer shared in the case of multiple representation. 

The information guide is thorough, and I look forward to discussing these new rules and regulations with you when the opportunity arises.

In the meantime, enjoy the read!

Link to the RECO information guide:

https://www.reco.on.ca/getmedia/da38cca5-8432-4018-821e-57260d6caebc/RECO-Information-Guide.pdf

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