Understanding TRESA and how I can help you
Effective December 1, 2023, the legislation for real estate sales in Ontario changed. The previous laws that governed real estate agents and brokers were updated to the new Trust in Real Estate Services Act, 2002, which provides clarity to the services provided by a real estate agent. This allows more flexibility, transparency, and accountability. Click the Information Guide link below to learn more.
What is changing?
If you are a buyer or seller, there are things you need to know before you receive any services or assistance from a real estate agent or sign a contract with a real estate brokerage.
What are the different kinds of representation?
The brokerage and all its agents represent you and must promote and protect your best interests, but one of the brokerage’s real estate agents may be your primary contact. They may provide referrals to other professionals you’ll need (for example, home inspectors, lawyers, contractors).
One (or more) of the brokerage’s real estate agents is your designated representative. The agent(s) represent(s) you and must promote and protect your best interests. The brokerage and its other agents are required to treat you impartially and objectively. An important aspect of designated representation is that it reduces the likelihood of multiple representation.
With respect to a trade, a self-represented party is a person who has chosen not to receive services or representation from a brokerage—a person who is a party in a trade who is not a client of a brokerage with respect to the trade.
Real estate transactions are complex and are often fraught with risks and possible complications for a buyer or a seller. Most sellers and buyers choose to receive the services, opinions, and advice a real estate agent can provide to help them successfully navigate a transaction.