Proposal

Real Estate Regulations - Increasing Transparency in Multiple Offer Transactions

Regulation Number(s):
Ontario Regulation 567/05 General
Bill or Act:
Real Estate and Business Brokers Act, 2002
Summary of Proposal:
The ministry is seeking input on regulatory amendments to strengthen the transparency of real estate bidding practices.

The posting includes revisions to proposals based on the responses to consultation previously posted on the Regulatory Registry for 35 days, from April 1 - May 5, 2014
Link: http://www.ontariocanada.com/registry/view.do?postingId=15762&language=en

Bill 55 - Stronger Protection for Ontario Consumers Act, 2013 strengthens the integrity of real estate bidding practices and increases the transparency in multiple offer situations by:
-Requiring real estate salespersons and brokers acting on behalf of a buyer to only present written offers
-Prohibiting real estate professionals from indicating they have an offer, unless they have that offer in writing
-Requiring brokers acting for the seller to retain copies of all written offers received or other prescribed documents (which is the topic of this proposal)
-Permitting anyone making a written offer on a property to ask RECO's Registrar to report the number of written offers on that property.

We want your opinion on the text of the draft regulation that support these amendments.
Further Information:
Proposal Number:
14-MCS010
Posting Date:
October 10, 2014
Comments Due Date:
October 24, 2014
Contact Address:
Ministry of Government and Consumer Services
Consumer Policy & Liaison Branch
777 Bay Street, 5th Floor
Toronto, ON M7A 2J3
Attention: Aimée Skelton