TRUST IN REAL ESTATE SERVICES ACT (TRESA)

This legislation brings important changes for consumers and those trading in real estate in Ontario:

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• 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