Wednesday, December 13, 2023 / by Matthew Daniel Tamburello
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
The real estate market in Ontario is evolving with the implementation of the Trust in Real Estate Services Act (TRESA) Phase 2, effective December 1, 2023. These changes are set to significantly improve the transparency and fairness of real estate transactions. Trinity Real Estate Consultants, a forward-thinking real estate brokerage, is here to guide you through these pivotal updates.
Enhanced Transparency in Representation
A new approach within brokerages, where separate agents represent the buyer and seller, ensuring dedicated support and clear advocacy for each party’s interests.
Self-Represented Party (SRP):
A shift from the term “customer” to SRP, highlighting the role of individuals in a deal without their own agent. SRPs receive comprehensive guidance on their role and the transaction process.
Revolutionizing the Offer Process
Sellers can now opt to disclose details of competing offers. This shift towards open offers mirrors practices in markets like Australia, promoting fairness and informed decision-making.
Clarity in Agreements and Disclosures
All agreements, including remuneration and service terms, will be more detailed and straightforward. This aims at demystifying the real estate process for all parties involved.
Empowering Consumers with New Regulatory Measures
Updated Code of Ethics:
A renewed focus on integrity, honesty, and anti-fraudulent practices ensures higher ethical standards in real estate transactions.
RECO’s Enhanced Role:
The Real Estate Council of Ontario (RECO) now has expanded powers to regulate and enforce standards, ensuring a higher level of professionalism and consumer protection.
The TRESA Phase 2 updates mark a significant milestone in enhancing the integrity and transparency of Ontario’s real estate market. These changes promise a more equitable and understandable real estate experience for buyers and sellers alike. Trinity Real Estate Consultants are committed to guiding you through this evolving landscape, ensuring a smooth and transparent journey in your real estate endeavours.
Embrace these changes with confidence and the expert guidance of Trinity Real Estate Consultants, your trusted real estate partner.