OREA’s Latest White Paper

 

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REBBA and Code of Ethics White Paper

Today, OREA launched our fourth, and final, white paper – Pursuing the Highest Standards of Professionalism and Ethics in Real Estate (enclosed).

We encourage you to share the paper with your members.

OREA’s latest white paper is the result of some bold policy proposals put forward by the REBBA Review Taskforce. The white paper focuses on changes to the Act and Code of Ethics.

Please encourage your local members to go to www.REBBAreform.ca and submit their feedback. We are very happy with the responses that we have had to date and hope to keep this momentum going.

Next Steps

The feedback that we receive from members will determine which ideas go before the membership at the upcoming REBBA Debate at the REALiTY Conference on February 27th, 2018.

After the REBBA Debate in February, the government relations team will compile all feedback and present a report to the REBBA Taskforce which outlines all of the policy proposals receiving support from our members.

Upcoming Training Feb 7th- Realtor (R) Tech Day

Wednesday Feb 7th – 9:15am start 

Location  Nexera Law Training Centre 5770 Hurontario St Suite 101 Mississauga

Cost – Sponsored by Nexera

Registration Link – Register Now

 

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9:30am – Start
10:00am- Strategies to use a mobile and gift sending program to generate business!
11:00 – Top Tech Tools of 2018 –
11:45 – Sanjay Soni – Nexera Law Group
12:00 – Lunch Provided by Nexera Law Group
12:45 – Social Media Workshop –  ( Bring your Laptops)

JOIN OUR HANDS ON WORKSHOP WHERE YOU WILL LEARN WHAT TO DO, WHAT NOT DO, AND GET ANSWERS TO YOUR QUESTIONS LIKE:

* What sites are best for finding prospective clients?

 

* Do I need to be on Snapchat?

 

* Why am I not getting any likes/comments/shares?

* Do I use my personal Facebook or business Facebook?

* Do I buy ads to get new clients? What about referrals?

Seeking candidates for RECO’s Board of Directors

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This year, three Industry Directors will be elected to serve on RECO’s Board of Directors until May 2021, one for each region.

 

Who should run for RECO’s Board of Directors?

 

Serving on RECO’s board is an opportunity to have influence and help shape the future of the real estate profession in Ontario. Interested candidates should be passionate about the profession and how it is regulated, with a commitment to consumer protection.

 

RECO is seeking candidates who possess the skills, experience and expertise necessary to perform the Board’s strategic leadership and oversight responsibilities. In order to accomplish this work, Directors are expected to use their best efforts to help RECO achieve its goals and fulfill its mandate. That means being informed about key issues, participating in key discussions, and showing commitment to the Director role.

What should you expect as a Director?

 

The Board of Directors meets approximately six times a year. In addition to Board meetings, Directors normally chair or serve as a member of at least two Committees, and may be asked to attend conferences and other events as a representative of RECO. A potential Director should take these time commitments into consideration.

 

How do I submit my nomination?

 

Visit http://www.reco.on.ca/about/2018-election/ for all the forms and information you need to submit your nomination.

 

The deadline for nominations is Monday, February 26, 2018 at 2 p.m.

2018 RECO Election- Seeking the candidates to shape the future of the profession

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This year, three Industry Directors will be elected to serve on RECO’s Board of Directors until May 2021, one for each region.

 

Who should run for RECO’s Board of Directors?

 

Serving on RECO’s board is an opportunity to have influence and help shape the future of the real estate profession in Ontario. Interested candidates should be passionate about the profession and how it is regulated, with a commitment to consumer protection.

 

RECO is seeking candidates who possess the skills, experience and expertise necessary to perform the Board’s strategic leadership and oversight responsibilities. In order to accomplish this work, Directors are expected to use their best efforts to help RECO achieve its goals and fulfill its mandate. That means being informed about key issues, participating in key discussions, and showing commitment to the Director role.

 

What should you expect as a Director?

 

The Board of Directors meets approximately six times a year. In addition to Board meetings, Directors normally chair or serve as a member of at least two Committees, and may be asked to attend conferences and other events as a representative of RECO. A potential Director should take these time commitments into consideration.

 

How do I submit my nomination?

 

Click the link below for all the forms and information you need to submit your nomination.

http://www.reco.on.ca/about/2018-election/?utm_source=2018+Election+E-blast&utm_campaign=2018+Call+For+Nominations&utm_medium=email

Voting opens on Monday, March 12, 2018, and closes on Monday, March 26, 2018.

 

Is this the best email address for reaching you?

 

If email updates from RECO are not being delivered to your primary email address, it’s important to update your profile so that you receive vital information promptly. You can review and update your contact information by logging into MyWeb and clicking the ‘My Profile’ link.

 

If you have any questions related to the 2018 Election of Directors, please email election@reco.on.ca

5 things to Know when selling a home occupied by a tenant

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Watch the video: https://youtu.be/2UQKiIbKfwA

As a result of the latest changes to the Ontario Residential Tenancies Act, you need to have the right strategy when selling a home occupied by a tenant.

Here are 5 things you need to know:

  1. First review any lease

You cannot terminate a tenancy until the end of the lease. So if the tenant lease extends for another 6 months, they cannot be evicted before the lease ends. In addition, check to make sure the tenant does not have the right to renew the lease for an extra year. If so, then they cannot be evicted until the end of their renewal period.

  1. You cannot evict just because you want to sell your home

Even if the lease has ended, you cannot evict a tenant just because you want to list the home for sale. This means that you first have to sign a buyer to an agreement BEFORE you can send the eviction notice to the tenant. This also means no home staging without the tenant agreement.

  1. Once agreement signed, you need to give the tenant 60 days’ notice

Once the Buyer signs the offer, then you have to give the tenant the 60 days’ notice using form N12, You should schedule your closing date to match the notice date or to occur shortly after this date to ensure you can deliver vacant possession on closing. A penalty of $25,000 could be payable if the buyer or their family do not stay in the property for at least 12 months after closing. As such, the following clause, contained in my Ontario Guide for Landlords, should be considered:

  • “The buyer agrees that they or their immediate family intends to move into the property on closing. In this regard, the seller agrees to provide the applicable 60 days’ notice to the tenant using Form N12 under the Residential Tenancies Act, on behalf of the buyer. The buyer agrees to provide whatever support information may be required to demonstrate that the buyer or their immediate family will in good faith  be moving into the property on closing and to indemnify the seller for any damages the seller suffers if the buyer does not remain in the property for at least one year after closing. In the event that the tenant disputes the notice as given, then the parties agree to extend the closing of this transaction to a period not more than 30 days, in order to effect the eviction of the tenant.”
  1. Monitor the situation carefully

It is extremely important to monitor the situation if you are trying to evict a tenant before closing.

In a transaction I completed on October 2, 2017, the agreement was signed in July and the tenant was on a monthly tenancy. Notice was given by the seller/landlord for the tenant to leave on September 30, 2017, as required. However, the tenant indicated that they intended to challenge the notice. As such we arranged for a hearing before the Landlord and Tenant Board in late August, at which time the buyer attended as well and convinced the adjudicator that they in good faith intended to move in on October 2, 2017. The Adjudicator granted the eviction order for September 30, 2017 and with that order, the tenant moved out on that date and the deal was closed in time.

  1. Practical advice

If possible, try and arrange a new place to live for the tenant before you even put the property up for sale. You will not have any issues with home staging, notices or providing vacant possession on closing.

It is important to understand all of your rights and responsibilities when selling a home occupied by a tenant when your buyer wants to move in on closing.

 

If you have any any questions on this topic or have a situation where your own clients would benefit from our mobile signing service, where we go to our clients from 7am – midnight, 7 days a week at the time and location of their choice, we would be delighted to assist you.

 

HOURS OF OPERATION

WE ARE OPEN THROUGHOUT THE YEAR

TO CLOSE YOUR TRANSACTIONS.

MOBILE SIGNING SERVICE: OPEN 7 DAYS A WEEK  7AM – MIDNIGHT.