RE/MAX CROSSROADS RULES & REGULATIONS BULLETIN:
Proposed changes to REBBA, 2002
On April 18, 2013, the Minister of Consumer Services proposed new legislative amendments to the Real Estate and Business Brokers Act, 2002 (REBBA) through the Stronger Protection for Ontario Consumers Act. This proposed legislation would apply new rules for the real estate sector that would affect both REALTORS® and consumers.
The proposed legislation consists of:
- Requiring real estate salespeople and brokers acting on behalf of a buyer to only present offers in writing
- Requiring the brokerage acting for the seller to retain copies of all written offers received, providing clarity for buyers and sellers
- Allowing home sellers and buyers to negotiate a combination of fees and commissions with a real estate professional, tailoring the cost with the services consumers want.
For more information regarding the proposed amendments, please visit: http://news.ontario.ca/mcs/en/2013/04/strengthening-protection-for-home-buyers-and-sellers.html
So far this is only proposed legislation. We don’t know yet whether it will be passed or implemented. We will inform you of any updates as it becomes available.