Regulator suspends registration of Toronto brokerage – Jan. 2013

Tuesday, January 22, 2013 (Toronto) – Effective Monday, January 21, 2013 at 11:59 p.m., the Registrar of the Real Estate Council of Ontario (RECO) issued an immediate suspension of registration and a proposal to revoke the registrations of Graydon Hill Realty Ltd. and David Allen, the broker of record. Allen is also the owner of the brokerage.

The suspension means that all real estate salespersons and brokers who are employed with Graydon Hill Realty Ltd. are currently unable to trade in real estate. They will be able to apply to RECO to transfer to another brokerage.

On Friday, January 18, 2013, the Director issued an order to freeze the brokerage’s bank accounts after a RECO inspection identified irregularities in the bank accounts of the Toronto-based brokerage.

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, 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, Manager, Insurance Programs
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:

Maria Paolercio, Registration Officer
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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