Effective Dec. 1st, 2023 – Significant changes for real estate services in Ontario Trust in Real Estate Services Act, 2020, S.O. 2020, c. 1 – Bill 145 (TRESA, 2020) On March 4, 2020, the Ontario Trust in Real Estate Services Act, 2020 (TRESA) received Royal Assent, amending the Real Estate and Business Brokers ...
Continue ReadingWhen charging for services in relation to a trade in real estate, a brokerage can use an agreed fixed amount, a percentage of the sale price, or a combination of the two. Before working with clients or customers, it is important that REALTORS® clearly communicate the fee structure and rate they will charge, ...
Continue ReadingWhen you are looking to buy or sell a property or business with a registered real estate salesperson or broker, you may be asked to sign a buyer or seller agreement. Simply put, a buyer’s representation agreement is a contract signed between a prospective real estate buyer and a real ...
Continue ReadingCan a buyer work with multiple real estate agents? Yes, a buyer can work with multiple agents as long as they don’t have a written exclusive (buyer representation) agreement with an agent or an agreement for same services from multiple REALTORS®. The most common service agreement would state that a ...
Continue ReadingThe Canadian Centre for Housing Rights (CCHR) is Canada’s leading non-profit organization working to advance the right to housing. For the first 35 years of our existence – from 1987 until 2022 – CCHR was called the Centre for Equality Rights in Accommodation (CERA). The Canadian Centre for Housing Rights ...
Continue ReadingUnder the Real Estate and Business Brokers Act, 2002 (REBBA 2002), REALTORS® cannot provide any form of compensation to an unregistered third-party for activities that would be considered to be in furtherance of a trade. This restriction is explained in the Registrar’s Bulletin entitled Referral fees. However, a rebate or ...
Continue ReadingWhen REALTORS® use commission reductions, it is essential to create an appropriate agreement in order to comply with the Real Estate and Business Brokers Act, 2002 (REBBA 2002). In a commission reduction agreement, the listing brokerage agrees with the seller to reduce commission that was previously agreed to. The following are the ...
Continue ReadingThere are nearly 40,000 real estate agents in Toronto; that is one agent for every 140 Torontonians! In Vancouver, the numbers are even more staggering – one agent for every 61 Vancouverites. It helps, of course, that the market is sizzling hot, but across Canada, the competition among realtors is ...
Continue ReadingThe report from the Ontario Real Estate Association’s Presidential Advisory Group on Diversity, Equity and Inclusion. The overarching goal of the PAG is to identify where systemic racism occurs in the real estate and housing sectors… Over the past two years, a racial reckoning has taken place, triggered by a ...
Continue ReadingThis post deals with the topic of REALTORS® receiving and/or paying referral fees to third parties who may not be directly involved in a real estate transaction. Depending on the specific situation, this may not be permitted under the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and in other situations written ...
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