The Trust in Real Estate Services Act 2019 will allow real estate agents the ability to disclose competing offers, it will give realtors the option of forming their own corporations and their regulatory board to give them greater penalties.
President of Oakville Milton & District Real Estate Board, Richard Weima, talks about the significance of allowing disclosures of competing offers.
He begins by saying that their system has always been somewhat of a blind auction.
Weima explains what forming corporations means for realtors.
Weima was asked if it’s significant that their regulatory board will now be able to grant them greater penalties.
He says it is both significant and important.
He says this will make it easier for both realtors and consumers to understand who is being represented and addresses concerns of consumers who aren’t be represented properly.
Weima adds sellers wanting their home to be sold at the highest potential price would be affected.
