It’s getting a little close to the TRESA Phase 2 commencement, and the RECO Information Guide is still “coming soon”.
So, here is the actual legislation covering this General Information Guide for Consumers.
13. (1) The registrar shall prepare an information guide and publish it on the administrative authority’s website. O. Reg. 357/22, s. 10.
(2) The information guide shall include the following information:
1. An indication that a person may interact with a registrant,
i. as a client under a representation agreement, or
ii. as a self-represented party.
2. A summary of the rights, obligations and duties set out in the Act and the regulations in respect of registrants, clients and self-represented parties.
3. An explanation of the risks of being a self-represented party if a person chooses not to receive services, including representation, from a registrant.
4. A statement advising a person contemplating being a self-represented party to seek independent professional advice.
5. An indication that agreements with registrants may include terms related to termination of the agreement.
6. Guidance in respect of remuneration arrangements in relation to a trade in real estate, including a description of remuneration arrangements that are permitted and prohibited for,
i. a broker or salesperson, and
ii. a brokerage.
7. A caution that a brokerage is not permitted to represent more than one client in respect of the same trade in real estate unless the brokerage obtains the consent, in writing, of every client represented by the brokerage in respect of that trade.
8. If a brokerage represents more than one client in respect of the same trade in real estate, an overview of,
i. the obligations and duties that the brokerage owes to each client, and
ii. the services that the brokerage would provide to each client.
9. An explanation of how to file a complaint about the conduct of a broker or salesperson to,
i. the brokerage that employs the broker or salesperson, and
ii. the administrative authority.
10. Any other information the registrar considers relevant in respect of the rights, obligations and duties set out in the Act or the regulations in respect of registrants, clients and self-represented parties. O. Reg. 357/22, s. 10.”
That was the outline contained in the legislation. When this document is available, it must be presented to a Consumer and the Consumer “should” acknowledge that they have seen it, read it and understand it, before the agent will be able to proceed any further.
Brian Madigan LL.B., Broker