On December 1st, 2023, RECO introduced TRESA Phase 2 (Trust in Real Estate Services Act) putting some new regulations in place. With these changes, it’s more important now than ever to ensure you have a well-educated and experienced Realtor working on your behalf!
The changes include:
1. Designated Representation – Identifies 1 or more agents as responsible for representing the client and their best interest.
2. Self Represented Party (SRP) – When there is no contract with a brokerage at all and therefore creates limits on the advice and expertise that a Realtor would be able to offer. A Realtor cannot provide any information that involves their skills or judgements to an SRP.
Open Offer Process
New to real estate and offers, this is an option for the Seller if they so choose. This allows the disclosure of information about competing offers such as price, conditions, and closing date. The information that is disclosed must be shared equally with all submitting party’s. Rest assured there are other very specific rules around how this is handled and no personal information is shared!
This guide was created to better educate the public before entering into any type of agreement and must be shared and explained to prospective Buyer/ Sellers to ensure there is a full understanding of exactly what is being signed. The guide is to ensure the client has full clarity of the duties and expectations of the Realtor.