TRESA: Updates

The Trust in Real Estate Services Act, 2020 received Royal Assent in March 2020, following years of lobbying to bring about changes to the Real Estate and Business Brokers Act (REBBA). TRESA is replacing REBBA and makes Ontario a North American leader in professional standards for real estate professionals. Phase 2 of TRESA will come into effect December 1, 2023. For more information visit www.orea.com/tresa


Summary of TRESA Changes

TRESA legislation brings important changes for consumers and those trading in real estate in Ontario:

  • Brokerages will be permitted to enter designated representation agreements with clients

  • Clients and self-represented parties will continue, but customer relationships will be eliminated. This means that a party to a trade will be either a client or a self-represented party

  • Sharing contents of offers will be permitted with the seller’s written direction

  • Adjustments to information and disclosure obligations to promote clarity in communication

  • A new RECO Information Guide will be shared by registrants with those they engage with

  • New powers and tools to help RECO operate more efficiently and focus its compliance and enforcement efforts where they are most effective

  • A revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality

  • Revisions to RECO’s Discipline Committee, composition and procedures


Helpful Videos

Please click the 4 training videos below to learn more about the important changes

EXIT Realty Liftlock Brokerage

850 Lansdowne St W, Peterborough, Ontario, K9J 1Z6

info@exitrealtyliftlock.com

(705) 749-3948

(705) 749-6617

All information provided is deemed reliable but is not guaranteed and should be independently verified. The property information provided on EXIT Realty Liftlock Brokerage's websites is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. 

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