What’s the Time Limit Required for Agents? Is there a CRA rule and/or a TRESA rule on this?
Under REBBA, Brokerages are required to keep them 6 years. Does that change at all under TRESA?
It doesn’t change under TRESA.
However, there’s really no time limit.
Someone might buy a house today and discover something in 10 years. Then, they have two years from the date of discovery to sue and then, one year to serve the statement of claim, meaning that if you were sued in that example, then you might not hear about it for 13 years.
Usually, there’s an overall 15 year limit under the Limitations Act, so that could bring you up to 18 years. Then, if we look at the Real Property Limitations Act, some of the limits are 60 years, so, in that case you might need 63 years.
The common 6 year absolute limit under the Limitations Act was updated to 2 years, however the commencement did not start until a reasonable person would have discovered the problem.
In addition, the limitation ran against someone who lacked mental capacity. Now, it doesn’t run against them. In that regard, there would be no limit at all.
Convert everything to a digital format and store it on the internet or a thumb drive, then it doesn’t take up any room.
Brian Madigan LL.B., Broker