There are 3 key changes as part of Trust in Real Estate Services Act (TRESA) regulated by RECO.
1. Disclose content of offers.
- All content or just some IE. Price, deposit, conditions.
- No personal info about the buyers ie. 1st refusal address.
- This may not be in your best interests and could prefer the old blind bidding.
2. Representation REBBA used to be any agents with same brokerage with both buyer and seller was multiple representation.
Now Designated Representation – single agent not brokerage.
IE. Sally Smith with my company has a listing as a designated listing agent and I have a buyer under designated representation it is NOT Multiple Representation.
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 December 1st, 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.
3. Must sign a new RECO Information Guide, a 13 page document which outlines your rights and obligations.