A BRIEF OVERVIEW

In December of 2023 the real estate council of Ontario(RECO) passed new regulations regarding the trading of real estate to provide more disclosure and transparency called TRESA (Trust in Real Estate Services Act). As part of this, we are required to send you the RECO Information Guide and have you acknowledge that you have read it, that it's been explained to you. I'll be sending you the link. Please take time to review it and both sign the acknowledgement at the end of the document. Link will follow.

What it means:

"The provided summary serves to offer clarity and ease of understanding regarding select aspects of the RECO Information Guide. It is not a substitute for the comprehensive details outlined in the RECO Information Guide itself. Consumers are responsible for reviewing the complete RECO Information Guide and addressing any queries or concerns directly with the agent who provided the guide. This brief explanation aims solely to assist in comprehension and does not replace the comprehensive information contained within the RECO Information Guide."

Working with a Real Estate Agent:
- For Sellers: Agents help market your home, handle offers, and guide you through the sale process.
- For Buyers: They assist in finding properties, negotiating, and managing the purchase process.

Duties Owed to You:
- Agents owe loyalty, disclosure, confidentiality, and must avoid conflicts of interest.
- Your responsibilities include clear communication, timely responses, understanding agreements, and fee payment.

Risks of Representing Yourself:
- Handling a transaction without an agent comes with risks due to lack of expertise.
- Seeking professional advice before proceeding is recommended. Contract with a Brokerage:
- Signing an agreement with the brokerage outlines services, fees, and responsibilities.
- Look for key details like duties owed to you, services offered, and payment terms.

Scope of Engagement and Services Offered:
- Clearly define what the agreement covers, services provided, and payment terms.
- Understand the specifics to avoid misunderstandings later.

Multiple Representation:
- Involves representing multiple clients with conflicting interests in a transaction.
- Requires written consent from all parties involved and a disclosure of changes in duties and services.
- You can refuse multiple representation and explore alternatives if needed.
- Accepting multiple representation limits services offered and could have consequences.

Confidentiality and Refusal:
- Your shared information remains confidential without your written consent.
- You can decline multiple representation, and agents cannot proceed without your agreement.

 

Understanding these aspects helps in making informed decisions, ensuring clarity, and safeguarding your interests during real estate transactions.

*The provided summary serves to offer clarity and ease of understanding regarding select aspects of the RECO Information Guide. It is not a substitute for the comprehensive details outlined in the RECO Information Guide itself. Consumers are responsible for reviewing the complete RECO Information Guide and addressing any queries or concerns directly with the agent who provided the guide. This brief explanation aims solely to assist in comprehension and does not replace the comprehensive information contained within the RECO Information Guide."