What Does TRESA Real Estate Mean for Buyers and Realtors in Ontario?
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The Real Estate Council of Ontario (RECO) has released an informative guide that is essential reading for anyone involved in the real estate market with TRESA rules in effect from Dec 1, 2023. Whether you're a buyer or a Realtor, understanding these new rules can significantly impact your real estate journey.
Here's what you need to know:
1. Representation Agreements: Entering into a suitable representation agreement with a real estate agent is a critical step. This contract outlines the services and representation you will receive, and it's crucial to understand its terms fully.
2. Multiple Representation: The guide explains the complexities of multiple representation, where a real estate agent or brokerage represents more than one party in a transaction. This scenario requires careful navigation to ensure that all parties' interests are protected.
3. Risks of Self-Representation: For those buyers considering representing themselves in a real estate transaction, the guide highlights significant risks and underscores the benefits of professional representation.
4. Complaint Procedures: The guide also provides valuable information on how to address any concerns or complaints regarding a real estate transaction or agent.
For buyers, these new rules emphasize the importance of being informed and understanding the nuances of real estate transactions. Realtors, on the other hand, must be vigilant in adhering to these regulations to provide the best service to their clients to avoid potential compliance pitfalls. This means they cannot show homes, offer advice or opinions of any sort, before proper disclosure and representation relationship has been acknowledged and established.
By staying informed and understanding these new rules, both buyers and Realtors can navigate the Tresa real estate market more confidently and successfully.
For more info, visit full RECO Information Guide here.
