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Freeze Orders are invoked by RECO against brokerages, when required, to prevent funds from being withdrawn from a brokerage’s accounts, in order to protect consumer deposits.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
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Brampton Real Estate Board 