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New Ontario Law to Protect Home Buyers

New Ontario Law To Crack Down On Phantom Bids


Starting next month, homebuyers in Ontario will have new protections against phantom bids, a practice in which real estate agents may hint that they have received competing offers when they haven’t in order to jolt potential buyers into raising or rushing their offers.

As of July 1, agents will not be allowed to imply they have received an offer unless it is in writing and has been signed. They will also be required to keep records of all of the offers they have received on file for one year.

Buyers who suspect they may have been deceived will be able to find out whether there truly were other offers by filing a complaint with the Real Estate Council of Ontario (RECO), the agency tasked with enforcing the new rules.

A broker who fails to follow the rules could be prosecuted and face a maximum fine of $50,000 or up to two years behind bars. Alternatively, the agent could be referred to a disciplinary committee and be ordered to take educational courses or pay up to $25,000 in fines. 

Read more at http://www.thestar.com/business/2015/06/14/phantom-real-estate-bids-targeted-by-new-ontario-law.html 



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Buyer ServicesBUYER SERVICES

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Mary Roy & Team have been selling homes in the Durham Region since 1987!  Ranked in the top 1% of Realtors across the GTA and Durham Region, we know what it takes to get homes sold fast, and for the most money.We provide each of our clients with a comprehensive plan of action outlining exactly what will be done to get their home SOLD and for the MOST MONEY! We will provide you with up-to-date information on your marketplace, as well as the price and details of competing properties.