Many people are now hearing about the upcoming changes happening with REBBA coming in effect December 1st, 2023.
The Real Estate and Business Brokers Act, 2002 (REBBA) will be renamed the Trust in Real Estate Services Act, 2002 (TRESA). The reforms to the legislation bring important changes for consumers and those trading in real estate in Ontario.
Here is a summary of TRESA changes:
This legislation brings important changes for consumers and those trading in real estate in Ontario:
- Brokerages will be permitted to enter designated representation agreements with clients
- Clients and self-represented parties will continue, but customer relationships will be eliminated. This means that a party to a trade will be either a client or a self-represented party
- Sharing contents of offers will be permitted with the seller’s written direction
- Adjustments to information and disclosure obligations to promote clarity in communication
- A new RECO Information Guide will be shared by registrants with those they engage with
- New powers and tools to help RECO operate more efficiently and focus its compliance and enforcement efforts where they are most effective
- A revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality
- Revisions to RECO’s Discipline Committee, composition and procedures
If you have any questions about the upcoming changes and how it affects you as a Home Buyer or Home Seller, please contact me, Brock at 905-980-4809,
