As of July 1 2015, brokerages across Ontario must meet new requirements when handling real estate offers. Bill 55 the Stronger Protection for Ontario Consumers Act, 2013 intends to ensure real estate professionals conduct a fair and transparent offer process. For more details on these changes see here. A few key points from the bulletin include:
- Brokerages must retain all original offer records, including every change or counter made during negotiations.
- The brokerage may use an equivalent summary document for each offer; however, the document cannot be used for offers made by a buyer directly.
- In the case of a failed offer presentation (where no transaction occurs), or unsuccessful offers, the brokerage may retain the summary document instead of the actual offer.
- The offer may be stored electronically or as a hard copy.
How we can help and get you covered:
This summer, we’re launching DealTap Inbox – a seamless and reliable tool to help keep track of all your offers and meet compliance standards set out with the new RECO mandate.
- Ability to upload & save incoming offers to your DealTap Inbox.
- Offers sent to your dedicated DealTap email address will be automatically stored & saved to your DealTap Inbox.
- Supports incoming offers from DealTap, PDF and any other offer generation platform.
- All offers & related documents in your DealTap Inbox can easily be printed or shared with your office or loadingDOCS account with one click.
As always, we’re here to ensure an efficient and transparent relationship between the agent, brokerage and client. Visit our website for more information on how to transition to paperless and new features launching this coming summer.