Trust in Real Estate Services Act (TRESA)
The Trust In Real Estate Services Act (TRESA) is new legislation in Ontario that is replacing the existing Real Estate Business Brokers Act (REBBA, 2002). Phase 2 of TRESA came into effect December 1, 2023 and brought with it material and actional changes for both real estate professionals and the public they serve. The overarching aim of TRESA is to bring increased clarity of the professional services being provided as well as additional options for how people elect to buy and sell property.
It is now a requirement that consumers be provided with informational documentation in advance of working or receiving assistance from a real estate professional. These information guides and disclosures (see links, below) outline the full range of options available to the consumer with respect to how they might wish to proceed with buying and/or selling property. The aim is that consumers will be able to make clear, informed decisions with how they wish to buy and sell property and what is included in the services they will receive in that pursuit if and when working with a real estate professional.
For further information about TRESA, please browse the following links: