If you are a buyer or seller in Ontario, the Trust In Real Estate Services Act (TRESA) which comes into effect December 1, 2023, will affect you. The current Real Estate and Business Brokers Act, 2002 (REBBA) will be renamed the Trust in Real Estate Services Act, 2002 (TRESA).
This legislation brings important changes for consumers and those trading in real estate in Ontario such as:
1. Brokerages will be permitted to enter into designated representation agreements with clients. This means that a Brokerage can assign different realtors to represent different clients who are involved in the same transaction, such as a Buyer and a Seller.
2. 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. If you are self-represented that means that a realtor can not use their skill or knowledge to assist you.
3. When you are entertaining multiple offers, sharing contents of offers will be permitted with the seller’s written direction. There will be rules surrounding what can be disclosed.
4. Your realtor will share a new RECO Information Guide which explains the key aspects of TRESA and how it affects you.
5. TRESA includes a revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality.
For more information please speak to a member of The Rioux Baker Team or check out https://www.orea.com/advocacy/TRESA