Question: The new TRESA legislation appears to allow the Listing agent to share Offer content with others who have made Offers. Is there anyone else? Answer: Actually, “yes”, the content …
TRESA: Documenting the Commission Reduction
If you were the Listing agent and you had an arrangement with your Seller where in certain circumstances, the overall commission payable may be reduced, then you would be under …
TRESA: Agreements Relating to Commission
This provision is essential intact. It used to be in the Code of Ethics and now it has been moved over to the General Regulation. Here is what is says: …
TRESA: Client
The definition of client under TRESA is as follows: “1. (1) In the Act and the regulations, “client” means, (a) with respect to a brokerage and a trade in real estate, …
TRESA: Short Forms
Remember, there are some new short forms: TRESA Trust in Real Estate Services Act RA representation agreement BRA brokerage representation agreement BRA buyer representation agreement DRA designated representation agreement …
TRESA: The Contracts
Under the new TRESA legislation, there are several contracts which are identified and defined. Let’s have a look at Regulation 567/05: “representation agreement” means a written, oral or implied agreement …
TRESA: General Purpose and Objectives
Looking at the new TRESA legislation, there are several different purposes and objectives. There are effectively, three phases: Phase 1 This was introduced in order to permit the real estate …
TRESA: Buyer Services
Under the TRESA legislation, services to be provided are to be spelled out. That seems fine, According to OREA, for Buyers, it’s all in the Buyer Representation Agreement (BRA). According …
When Does the Money Go Into the Brokerage’s Trust Account?
Under the Trust in Real Estate Services Act, the Brokerage must place any money which they receive “in trust” into their trust account within five (5) business days of receipt. …
Agent’s Disclosure of Material Facts to Seller under TRESA
Just like the obligation imposed under TRESA for Buyers, the same provision applies with respect to Sellers. What Facts and To Whom TRESA contains the following: Material facts 22.1 (1) …