There are a number of new Disclosures required under TRESA.
Here’s a partial list:
- Disclosure Conflict of Interest
- Disclosure of Material Facts to Buyer
- Disclosure of Material Facts to Seller
- Disclosure of Latent Material Defects to Seller
- Disclosure of Latent Material Defects to Buyer
- Disclosure of Multiple Representation (Brokerage)
- Disclosure of Multiple Representation (Designated Rep.)
- Disclosure of Number of Competing Offers
- Disclosure that Listing Agent acts for a Buyer (as well)
- Disclosure by Registrant of Buy or Sell
- Disclosure by Registrant of Related Party Buy or Sell
- Disclosure by Registrant of Financial Beneficial List
Be sure you record them all and document them in your file going forward.
If you don’t, then you are at risk both civilly and from a discipline perspective.
Some Forms have been documented by OREA and some not, but nevertheless, if you are a real estate agent, then you will have to have them.
Brian Madigan LL.B., Broker