Downsizing to a smaller home, or selling the family home, can be an emotional experience, especially if you’ve been out of the real estate market for a long time. And much has changed in the real estate world in recent years. There’s no shortage of information on the Internet, but much of it focuses on market trends and how to get the best price. You also need information about your rights and responsibilities as a buyer or seller. How do you ensure you are protected?
Fortunately, the Real Estate Council of Ontario (RECO) is here to help. We work to protect people just like you and enforce the rules that real estate professionals in Ontario must follow. That means we can offer buyers and sellers impartial advice on how to protect themselves and ask the right questions before making one of the most important financial commitments of your life.
Three pillars of protection.
All brokers and salespersons in Ontario are registered with, and regulated by, RECO. That’s why working with a real estate professional provides buyers and sellers with three pillars of protection: Knowledge, Professional Standards and Insurance.
Real estate professionals must complete courses before they can enter the real estate sector. And once they are in the profession, they complete additional courses every two years to keep their knowledge up-to-date and their skills sharp.
Brokers and salespersons are required to uphold professional standards that emphasize treating anyone involved in a transaction with fairness, honesty and integrity, and following rules and regulations that are there to protect consumers. In the rare instance that something goes wrong and you want to complain about your representative or the brokerage, RECO will investigate the complaint and take steps to hold the real estate professional accountable for their actions.
Deposit insurance provides you with peace of mind knowing that your hard-earned deposit will be held in trust and insured against loss, insolvency or misappropriation by a brokerage.