RE/MAX CROSSROADS RULES & REGULATIONS BULLETIN:
Revised Buyer Registry Service® Rules – in effect April 17, 2013
The Toronto Real Estate Board’s Buyer Registry Service® Rules have been revised and approved. The new rules came into effect as of Wednesday, April 17, 2013.
Main changes include:
· A Buyer Representation Agreement Data Form is no longer required to register Buyers on the Buyer Registry Service. Only a signed Buyer Representation Agreement is required.
· Buyer Representation Agreements which have a term of five (5) days or longer from the signature date of the Buyer(s) may be registered in the Buyer Registry Service, whereas the old BRS® Rules required sixty (60) days or longer.
You are reminded that the following rules have not changed:
Within Two (2) TREB business days:
- The Buyer’s Brokerage shall update the System following a cancellation of a Buyer Representation Agreement. The cancellation of a Buyer Representation Agreement required the dated signature(s) of the Buyer(s) and the Buyer’s Brokerage.
- The extension of a Buyer Representation Agreement shall be extended into the System following the signature of the Buyer(s) and before the expiry date or the Agreement will be deemed expired. This extension requires the signature(s) of the Buyer(s).
- The Buyer’s Brokerage shall report the sale when Buyers have a firm transaction.
Full revised copy of the Buyer Registry Service® Rules can be found on TREB.