Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Regulatatory Compliance with Bill 55 (Real Estate Agents)

May 28, 2015 - Updated: May 28, 2015

 

 

Compliance with Bill 55

 

Bill 55 was introduced by the Provincial Government entitled “Stronger Protection for Ontario Consumers”. It dealt with collection agencies, a new 20 cooling off period for door to door sales (water heaters) and some changes to REBBA 2002. The Bill received Royal Assent in 2013.

 

There were two changes for the real estate industry. The first was compensation. That was effective when the Bill received Royal Assent. The second change was phantom offers. It will become effective 1 July 2015 when the Regulation is enacted. RECO sent out its notice last week in terms of the changes, and OREA sent out its notice today and the reference to the new Form 801.

 

REBBA 2002 and the Regulations will require copies of agreements to be held, with the exception of the entitlement to use a new summary form and if that is used, then a copy of the entire agreement need not be retained.

 

Here are the points which must be covered in the summary:

 

1. The name and signature of the person who made the offer to purchase the real estate.

2. The name and contact information of the seller of the real estate.

3. The name of the brokerage and of the broker or salesperson who acted for the seller.

4. The name of the brokerage and of the broker or salesperson who acted for the person who made the offer.

5. The address, legal description or other identifier of the real estate on which the offer was made.

6. The date and time the offer was made.

7. The date and time the offer was received by the brokerage for the purposes of presenting it to the seller, and the means by which the offer was received, such as in person or by fax.

8. If the brokerage presented the offer to the seller, the date of presentation.

9. The date and time, if any, until which the offer was irrevocable.

 

RECO has just sent out a directive and the Ontario Real Estate Association has developed a new Form.

 

The new OREA Form 801 is NOT strictly in compliance with the requirements. 

 

Most professionals will likely use this Form. I will propose a slightly difference Form.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com

 

 


Tagged with: rebba 2002 bill 55 phantom offers ontario law
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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