Consumer Options Under TRESA

Under the Trust in Real Estate Services Act (TRESA) in Ontario, Canada, consumers have various options and protections when engaging with real estate professionals and participating in real estate transactions. Some of these options include:

1. Choosing Representation:

   • Consumers have the right to choose whether they want representation by a real estate professional (such as a real estate agent or broker) when buying or selling a property.
   • They can decide whether they want exclusive representation (working solely with one agent) or non-exclusive representation (working with multiple agents).

2. Informed Consent for Multiple Representation:

   • If consumers agree to be represented by the same real estate professional or brokerage as both the buyer and the seller in a transaction (dual agency or multiple representation), they must provide informed consent.
   • Consumers must be informed of the potential conflicts of interest and understand the implications of dual agency before consenting to it.

3. Access to Information:

   • Consumers have the right to access relevant information about properties, market conditions, and the real estate professionals they are working with.
   • Real estate professionals are required to provide accurate and timely information to consumers to help them make informed decisions.

4. Negotiation and Offer Presentation:

   • Consumers have the right to participate in negotiations and make decisions regarding offers, counteroffers, and other terms of the transaction.
   • Real estate professionals are required to present all offers and counteroffers promptly and fairly to their clients and provide advice based on their clients' best interests.

5. Protection Against Unethical Practices:

   • Consumers are protected against unethical practices by real estate professionals, including fraud, misrepresentation, and conflicts of interest.
   • Consumers can file complaints with the regulatory body, the Real Estate Council of Ontario (RECO), if they believe a real estate professional has violated the Code of Ethics or regulatory requirements.

6. Education and Professionalism:

   • Consumers can expect real estate professionals to meet education and training requirements set by TRESA to ensure they are knowledgeable and competent in their roles.
   • Real estate professionals are expected to adhere to high standards of professionalism and ethical conduct when dealing with consumers and other parties involved in real estate transactions.

Overall, TRESA provides consumers with various options and protections to ensure they are well-informed, represented fairly, and treated ethically when buying or selling real estate in Ontario.