Earlier this month, RECO issued an e-blast to brokers of record and branch managers regarding new rules for handling written offers. In response to their feedback, RECO has updated the fact sheet.
New rules for handling written offers come into effect on July 1, 2015.
Your brokerage must create processes and policies that comply with these legislative changes.
RECO has prepared a detailed fact sheet about the changes. All registrants should review it so that they can ensure compliance as of July 1, 2015.
Here is an outline of the changes:
RECO will provide updates between now and July 1 in response to questions that registrants submit.
The changes stem from Bill 55, the Stronger Protection for Ontario Consumers Act, 2013. To review the relevant changes, see section 35.1 of REBBA 2002 and section 19.1 of Ontario Regulation 579/05 made under REBBA 2002.