In addition to the basic Information Guide for consumers, there is an another Information Guide when it comes to self-represented parties under TRESA, 2002:
Information to self-represented parties
13.1 (1) If a brokerage provides services to a client in respect of a trade in real estate and provides assistance to a self-represented party in respect of the trade, the brokerage shall provide the following information to the self-represented party before providing the assistance:
1. A disclosure that the brokerage provides services to a client in respect of the trade.
2. A disclosure that the brokerage or a designated representative employed by the brokerage represents a client in respect of the trade.
3. An explanation of the risks to the party that may arise from receiving assistance from the brokerage.
4. A description of the type of assistance that the brokerage is permitted to provide to the party.
5. A recommendation that the party seek independent professional advice. O. Reg. 235/23, s. 4.
(2) The information mentioned in subsection (1) shall be given to the self-represented party in the form and manner determined by the registrar. O. Reg. 357/22, s. 10.
(3) The brokerage shall, with respect to each self-represented party receiving the form mentioned in subsection (2),
(a) explain the information mentioned in subsection (1);
(b) make best efforts to obtain a written acknowledgement from the self-represented party indicating that the information has been received; and
(c) if the self-represented party makes the acknowledgement, provide them with a copy of it. O. Reg. 357/22, s. 10.
COMMENT
The above provisions outline the additional requirements for the RECO Information Guide when it comes to Self-represented parties.
Brian Madigan LL.B., Broker