Closing a Brokerage
To close a brokerage, follow the steps outlined below:
Step 1: Terminate any other Licensees at the Brokerage
Brokers may terminate the licence(s) of any licensee at their brokerage, or they may terminate themselves. Licences are terminated by providing a Notice of Termination to the Commission. Note that all Approved Sales Corporations licences must also be terminated.
Step 2: Terminate the Brokerage
Brokers may terminate themselves, which effectively terminates the brokerage licence. Brokers may do so by submitting a Notice of Termination to the Commission for the broker licence. The brokerage owner may also terminate the broker licence.
Step 3: Remove all Advertising
Advertising activity of all terminated licence holders, including, but not limited to, for sale signs, online advertising and social media pages must be removed at the time their licence is terminated to ensure compliance with the Real Estate Trading Act and the Commission Bylaw. Be aware that some websites require several days for changes to take effect, so allow yourself sufficient time to process the request.
Step 4: Schedule Closing Out Inspection
Upon terminating the broker licence, the compliance team will then schedule a closing-out inspection with the broker and/or owner covering the time period from the date of the last inspection up to the date the brokerage ceased operating or when all trust funds have been dispersed.
