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:
“23,(4) If a brokerage has entered into a representation agreement with a seller and an agreement between the brokerage and the seller contains terms that relate to remuneration and those terms may affect whether an offer to buy is accepted, the brokerage shall disclose the existence of and the details of those terms to any person who makes a written offer to buy as soon as possible after the offer is made and before any offer is accepted.”
That’s the exact same wording as what was contained in the previous Code.
This is the new part:
“(5) The registrant shall make best efforts to obtain a written acknowledgement from each person receiving the disclosure under subsection (4) indicating that the disclosure has been received and, if a person makes the acknowledgement, provide them with a copy of it.”
There are now several additional steps following the disclosure:
- Best efforts to obtain an Acknowledgement of the Disclosure,
- If there is a signed Acknowledgement, provide them with a copy of the Acknowledgement.
The second part is great, because I would never expect the person to retain a copy for themselves.
Brian Madigan LL.B., Broker