The Government of Ontario has delayed the April 1, 2023, in-force date of the Trust in Real Estate Services Act, 2002 (TRESA), 2020 Phase Two legislative and regulatory changes to assess a proposal to further enhance consumer protection and offer more consumer choice. This 90-minute virtual presentation focuses on the key points that registrants will need to know. This session covers all phase two regulations that will come into force including:
- A new principle-based Code of Ethics
- Enhanced disclosures
- The elimination of the "Customer" relationship
- The barrier to open offers will be removed, giving sellers the option to use an open offer process
- Mandatory "Information Guide" for consumers
- Updated regulatory powers will be updated, allowing assessors to issue financial penalties (administrative penalties)
- Designated Representation
