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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.
These proposed reforms would help protect the rights of consumers while furthering the new Ontario government's commitment to building a strong economy and a fair, safe and informed marketplace.
Our proposed legislation would, if passed, provide consumers with greater choice in real estate services, and unleash greater competition and creative service offerings from real estate professionals. Home buyers and sellers can choose services from realtors that work best for them." Said Tracy MacCharles Minister of Consumer Services.
For more information regarding the proposed amendments, please visit:
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.
Tell us what you think of the proposed legislation.
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