The implementation date for Phase 2 is 1 December 2023. That means it’s “in force” effective 12:00 am on the 1st.
But, in many cases now we actually have to be aware of various concerns about the new legislation.
The Timing of Agency Relationships
Many Listings and Buyer Representation Agreements are being signed now which will run over the implementation date and most commonly expire on 31 December 2023. That means a one month cross-over into TRESA.
Potential Additional Disclosure Obligations
When you do have to tell your client?
You are signing up a new Seller today and the Listing will cross-over the TRESA implementation date. The Seller does not want to make a certain disclosure but under TRESA, you will have to make that disclosure.
Do you tell the client now, or do you wait until 1 December 2023?
You have a fiduciary duty to tell your clients “now”.
Brian Madigan LL.B., Broker