Rob and Jenn

Our Intent

To publish this newsletter four times a year. This will coincide with the changing seasons, keep you informed and up-to-date with what is happening on the local real estate market. Real estate is an ever-changing scene with fluctuating prices, styles and trends in design and décor, along with investment opportunities.

We Are Here To Help

We understand that buying or selling can be a stressful situation with so many details to think about and we would like to make that experience a more relaxed and enjoyable one. We will accomplish this by providing four or five short stories on topical aspects of the real estate business that we believe will be useful to anyone interested in buying or selling.

General Topic

  • TRESA replaces REBBA

Our newsletters will be sent out when published and anyone will be able to access a past issue by going to our website. This is our way of saying ‘thank you’ to our past clients, friends and staying connected with local people. We have also designed our website to help you along with the selling or buying process.  Under the resources tab, you will find mortgage calculators and connections to our community for home inspectors, contractors, lawyers, mortgage brokers, and more.

If there is a topic of interest to you and you want additional information, please contact us at any time to discuss it.

Trust in Real Estate Services Act (TRESA)

Start Date – December 1st, 2023

Realtors across Ontario have entered a new era of professionalism with the Trust in Real Estate Services Act (TRESA).  To touch on the changes, I will comment on some of the changes.

RECO Information Guide

Real estate agents are now required to produce and walk you though an ‘Information Guide’ before providing any services or assistance to you.  The guide describes the benefits of working with an agent, the risks of representing yourself, signing representation agreements, understanding multiple representation and how to file a complaint. 

Multiple and Designated Representation

The designated representation model, agents within the same brokerage will be able to represent and advocate solely for their client where one agent can represent the Buyer and another agent be able to represent the Seller.  This will be a win for consumers as their agent will be able to fully look after their client’s best interest in a trade.  Multiple representation will still exist and be an option for those consumers that wish to have the brokerage and/or the same agent represent them in a trade. 

Sharing Contents of Offers

In TRESA, Sellers have another option to negotiate the sale of their property.  If the Seller directs the brokerage, the TRESA regulations will now allow for the details of competing offers to be shared with other Buyers. 

Code of Ethics

The new TRESA Code of Ethics has been updated so that the ethical requirements are retained within the Code but all of the technical and procedural requirements have been moved to the general regulations. 

Self-Represented Party

REBBA has two definitions for consumers, clients, and customer, which was confusing for most.  Moving forward, there will be two terms – client and self-represented party (SRP).  An SRP is simply a party who is not a client of any brokerage.  An SRP can receive general information relating to the business of trading and real estate but not allowed to rely on an realtor’s skills or judgement to help them with a trade.  For additional information please review the following guide. 

Written Agreements and Disclosures

Seller will determine how much remuneration is payable to the cooperating brokers for their commission.  Realtors must now list what

services they are going to provide as part of the listing agreement.  For example, photography, staging, and/or open house showings.   Disclosures must be written and in concise language and required for multiple representation, material facts and latent defects, conflicts of interest and the existence of a Seller Property Information Statement (SPIS).

RECO’s Discipline Process

The RECO discipline committee now has the ability to suspend, revoke, or apply conditions to a realtor.  The committee also could investigate a realtor’s conduct and refer the matter to the discipline committee whether a formal complaint is made or not. 

 

If interested in learning more about TRESA, here are two websites with lots of helpful information and guidance for you.

If you have any questions about TRESA or wish to just discuss real estate in general, please connect with Jenn, Hilary or Robert.

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