Proposal
Real Estate Regulations - Increasing Transparency in Multiple Offer Transactions
Regulation Number(s):
Ontario Regulation 567/05 General
Ontario Regulation 580/05 Code of Ethics
Ontario Regulation 580/05 Code of Ethics
Instrument Type:
Proposal
Bill or Act:
Real Estate and Business Brokers Act, 2002
Summary of Proposal:
The ministry is seeking input on proposals that strengthen the transparency of real estate bidding practices
The 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
- 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 opinions on two key areas:
1)What information should be included "other prescribed documents"?
2)How long should real estate professionals be required to retain unsuccessful offers or the other prescribed documents?
The 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
- 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 opinions on two key areas:
1)What information should be included "other prescribed documents"?
2)How long should real estate professionals be required to retain unsuccessful offers or the other prescribed documents?
Further Information:
Real Estate Regulations
Real Estate and Business Brokers Act, 2002
Proposal Number:
14-MCS009
Posting Date:
April 1, 2014
Comments Due Date:
May 5, 2014
Contact Address:
Ministry of Consumer Services
Consumer Policy & Liaison Branch
777 Bay Street, 5th Floor
Toronto, ON M7A 2J3
Attention: Aimée Skelton
Consumer Policy & Liaison Branch
777 Bay Street, 5th Floor
Toronto, ON M7A 2J3
Attention: Aimée Skelton