According to Trust in Real Estate Services Act (TRESA) run by RECO.

1. Must sign a new RECO Information Guide, a 13 page document which outlines your rights and obligations.

2. Representation Either a Client or a Self-Represented Party SRP.

1. Client

• Undivided loyalty
• Disclosure
• Confidentiality
• Appraise the property and recommend an offer price and strategy.

2. Self-Represented Party

No confidentiality, no services, no opinions, no advice. Any service I offer is really for my client the seller.

• I must disclose your motivation to the seller.
• I must disclose how much you are willing to pay my seller client.
• I must disclose your preferred terms and conditions.
• No appraisal of property so you know it’s true market value.
• I can perform the action of preparing an offer for you but can add nothing to the offer that uses my skill, experience, and knowledge.

IE. I type the address, the legal description, and lot size.

I CANNOT recommend an;

• Irrevocable time
• Price
• Deposit amount
• Title Search Date
• Which clauses to use, such as you want a walk through before closing, a survey, VUT declaration, Ottawa city Green loan, what if your bank appraiser needs access and you did not account for that in the offer, etc.
• Which conditions to insert to best protect your interests?
• How long is the condition?
• What happens to your deposit if the condition is not met in time?
• Do you even know the difference between a typical clause and a condition?
• Recommend professionals to assist you, ie. Inspectors.

Basically you are on your own and it’s very high risk. You are strongly advised to call a lawyer.

• BUT if the lawyer prepares the offer, you have to pay them.
• They can’t do an appraisal on the property, what do they know about market values.
• What happens if the counter offer comes back at 6 pm and you have until 9 pm to respond or lose the property….or if negotiations occur on a weekend.

Multiple Representation

A) If I have a Designated Buyer and

B) I also have a Designated Seller

**Must be disclosed***

• Must equally protect interests of the buyer and seller
• Full disclosure of all factual information.
• We must be instructed with written consent from Buyer and Seller.

Temporary for 120 days from Dec. 1, 2023

Almost all listings are brokerage listings NOT with Designated Representation.

If a buyer with a different agent under Designated Rep, then that is Multiple Representation, just like it used to be.