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Forms Required - RECO Compliant

Welcome to Prosense Deals Page! As a dedicated and professional real estate brokerage, we understand the importance of transparency, efficiency, and compliance in every deal. To ensure a seamless experience for both our clients and agents, we have streamlined our processes through meticulous attention to detail. As you know TRESA has been implemented and it's our priority to stay compliance at all times.


We understand that navigating the myriad of forms required for each real estate deal can be a daunting task. That's why we've created this user-friendly webpage as your go-to resource for all the essential forms you'll need in your transactions. Below, you will see a list of documents that needs to be submitted for each type of deal which includes Residential and Commercial Sale, Purchase, lease etc. 


RESIDENTIAL DEALS


LISTING - SELLER/LANDLORD REPRESENTATION

  • Listing agreement (Freehold or Condo)
  • Working with Realtor
  • MLS Dataform (not required for exclusive listing)
  • FINTRAC (must include client's Job Title and Employer)
  • Schedules, If any

BUYER/TENANT REPRESENTATION  

  • Buyer Representation / Tenant Representation
  • Working with Realtor
  • FINTRAC (must include client's Job Title and Employer)
  • Receipt of Funds (Firm Deals Only)
  • Schedules, If any

FREEHOLD OFFER 

  • Form 801
  • Agreement of Purchase and Sale
  • All Schedules 
  • FINTRAC (must include client's Job Title and Employer)
  • Schedules, If any

PHASE 1 - COMPLETED OCTOBER 2020

The phase one implementation regulations permitted the use of Personal Real Estate Corporations (PREC). To date, there are over 10,000 REALTORS® in the province who have taken advantage of a PREC. In addition, the phase one regulations amended the Code of Ethics to permit the use of new terms to describe a salesperson and a broker. Per REBBA, a REALTOR® was either referred to as a real estate salespeople, real estate salesperson, or real estate broker. The amended Code now allows a REALTOR to be referred to as real estate agent or REALTOR®. The term REALTOR® or real estate agent is only allowed to be used by Canadian Real Estate Association (CREA) Members in good standing.


PHASE 2 – COMPLETED DECEMBER 2023

On July 26th, 2023, the Government of Ontario introduced their second phase of regulations addressing the following areas. TRESA officially replaced REBBA on December 1, 2023 when Phase 2 regulations came into effect.

  • Multiple and Designated Representation
  • Self-Represented Party
  • Sharing Contents of Offers
  • Written Agreements and Disclosures
  • New Consumer Information Guide
  • Code of Ethics
  • RECO’s Discipline Process


PHASE 3 - REGULATORY WORK TO BEGIN SOON

OREA continues to look ahead to phase three of TRESA:

  • Regulations to support specialty certifications for REALTORS® and brokers
  • Improved continuing education
  • Rules for new administrative money penalties for black-and-white violations of the Code or other TRESA regulations
  • Updating RECO’s registration process to reduce red tape for REALTORS®


 Here are some resources to support our agents in meeting their obligations under the legislation, including key changes that took effect December 1, 2023. Download our presentation below to learn more. 


DOWNLOAD TRESA PRESENTATION HERE


Below are other resources that you can use to learn about TRESA and stay up-to-date on new changes. 


´https://www.orea.com/advocacy/TRESA

´https://reco.on.ca/agents-and-brokerages/deals-explained

´https://www.orea.com/standard-forms-clauses

´https://eregistration.torontomls.net/


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