Regulator freezes bank accounts of Toronto brokerage – Jan. 2013

Friday, January 18, 2013 (Toronto) – The Director, under the Real Estate Business Brokers Act, 2002 (REBBA 2002) issued an order today to freeze the bank accounts of Graydon Hill Realty Ltd., a Toronto-based brokerage registered under REBBA 2002.

A Real Estate Council of Ontario (RECO) inspection identified irregularities in the bank accounts of Graydon Hill Realty Ltd., which led to the freeze order.

A freeze order is issued to prevent further funds from being withdrawn from a brokerage account. The Director takes this step in order to protect consumers and other stakeholders.

RECO will continue to post updates into this matter as they become available.

Buyers and sellers who may be concerned about whether a pending sale or purchase will be completed on time, or who have any other questions about the impact of the freeze order, may contact the individuals listed below.

RECO is responsible for administering REBBA 2002 on behalf of the provincial government. In order to trade in real estate in Ontario, brokers and salespersons must be registered with RECO.

 

CONTACT INFORMATION

HOME BUYERS AND SELLERS

Questions about the impact of the freeze order, including whether a pending sale or purchase will be completed on time:

Jay Blair, RECO
Phone: (416) 207-5171
Email: jay.blair@reco.on.ca

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

Ruth Garrett, Insurance Administrator
Phone: (416) 207-4872 or (416) 207 4841
Toll Free: 1-800-245-6910
Fax: (416) 207-9020
E-mail: insurance@reco.on.ca

EMPLOYEES OF GRAYDON HILL REALTY LTD. OR CO-OPERATING BROKERAGES

Questions about commissions:

Claims for commissions should be directed to the claims adjuster for RECO’s insurance program:

Granite Claims Solutions
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

Questions about the procedures for transferring a registration to a new brokerage:

Registration Officer: Maria Paolercio
Phone: (416) 207-4804 or 1-800-245-6810 ext. 4804

Questions about the impact of a freeze order on transactions:

Jay Blair, RECO
Phone: (416) 207-5171
Email: jay.blair@reco.on.ca


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