RECO issues Public Advisory regarding Reio Realty Ltd.

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Today, RECO issued the following public advisory:

 

On April 30, 2019, under the authority of the Real Estate Business Brokers Act 2002 (REBBA), the Real Estate Council of Ontario (RECO) issued a Freeze Order, freezing bank accounts of:

 

Reio Realty Ltd.

Of 5851 Royal Manor Drive, Niagara Falls, ON L2G 1E9

 

Freeze Orders are invoked by RECO against brokerages, when required, to prevent funds from being withdrawn from a brokerage’s accounts, in order to protect consumer deposits. A RECO inspection revealed irregularities in the finances of Reio Realty Ltd., and the matter is being investigated further. Additional action may be taken and information will be made available through RECO’s website.

 

Individuals concerned about the impact of this Freeze Order are asked to use the contacts listed below:

 

Home buyers and sellers with questions about the impact of the freeze order, including whether a pending sale or purchase will be completed on time should contact:

Dipak Parmar

Phone: (416) 207-3118

Toll Free: 1-800-245-6910, ext. 3118

Email: dipak@reco.on.ca

 

Questions about consumer deposit claims, or other insurance-related inquiries, should be directed to RECO’s Insurance Department:

Jeremy Meuris

Phone: (416) 207-4841

Toll Free: 1-800-245-6910, ext. 4841

Email: insurance@reco.on.ca

 

Cooperating brokerages for trades in which Reio Realty Ltd., holds the deposit and/or are owed commissions by Reio Realty Ltd., should contact:

Jeremy Meuris

Phone: (416) 207-4841

Toll Free: 1-800-245-6910, ext. 4841

Email: insurance@reco.on.ca

 

Employees of Reio Realty Ltd., with questions about commissions should contact the claims adjuster for RECO’s insurance program:

ClaimsPro LP

Toll Free: 1-877-740-1913

Toll Free Fax: 1-866-735-1033

Email: claims@reco-claims.ca

 

The insurer requires one Notice of Claim Commission Protection form per trade. Claim forms are located on the insurer’s website: www.reco-claims.ca

 

Employees of Reio Realty Ltd., with questions about the procedures for transferring a registration to a new brokerage should contact:

 

Michelle Toomey

Phone: (416) 207-4807

Toll Free: 1-800-245-6810 ext. 4807

Email: registration@reco.on.ca

 

For more information about freeze orders, read this FAQ.

Author: bramptonrealestateboard

At the Brampton Real Estate Board (BREB) we believe in the ownership of Real Estate. Our objective is to contribute to the capability and growth of our members in their endeavors by marketing all forms of real property throughout the greater Brampton, Halton Hills and Caledon marketplaces and beyond. The Brampton Real Estate Board is dedicated to providing an environment in which it’s Member REALTORS®, employees, Board of Directors, and Committee volunteers are encouraged to grow, succeed and develop in order to provide the highest level of professional conduct and service.

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