Under the TRESA legislation there is a reference to the services provided to a client and the corresponding representation agreement.
Specifically, TRESA (Regulation 567/05) states as follows:
“Contents of written agreements
iv. The services that the brokerage will provide under the agreement.”
This particular section appears to be a matter of contention as between RECO and OREA. RECO apparently would like to see the services set out in detail. OREA is of the view that the addition of a Schedule “A” would be sufficient.
So, what do you put in Schedule “A”? According to RECO “all of the services”. According to OREA, just those types of services which are limited or restricted in some way for clarification purposes.
Let’s have a look at what it says in the standard form OREA Listing Agreement when it comes to various services being offered or provided. These are the specific ones which are addressed in the Listing:
Services under Listing Agreement
- Selection of MLS or Exclusive
- Services and representation
- Offer the property for sale
- Discussion concerning potential market value
- Apply any deposits towards commission
- Provide written information concerning relationships
- Provide and receive notices (excepting multiple representation)
- Attend to payment of cooperating Brokerage’s commission
- Secure Seller’s consent for multiple representation
- Perform impartially while under multiple representation
- Equally protect the interests of both
- Exercise full disclosure to both
- Not disclose price Seller will accept
- Not disclose the price the Buyer will offer
- Not disclose motivation or personal information about either
- Not disclose the price Buyer should offer or Seller should accept
- Not disclose particulars of any competing offer to Buyer unless Seller directs
- factual market information about comparable properties shall be disclosed to both
- factual information about potential uses of the property shall be disclosed to both
- not deliver or receive notices on behalf of either party
- comply with TRESA in respect to Self-represented parties
- comply with TRESA in respect to Designated Representative parties
- make all advertising decisions
- will place on MLS within 3 days of public marketing
- Brokerage will verify information
- Brokerage will market the property
- Brokerage will represent the Seller (this includes fiduciary duties)
- Attempt to secure valid Offer on terms set out or satisfactory to Seller
- Registrant has and will maintain liability insurance
It would appear that there were a good many “services” referred to in the standard form Listing.
OREA would say it’s sufficient.
RECO would say it’s insufficient.
What do you say?
Brian Madigan LL.B., Broker