News Bulletin - June 26, 2024
Viewing a Property Before Making an Offer
Licence Renewal Deadline is This Sunday!
Viewing a Property Before Making an Offer
Reminder to licensees about the importance of viewing a property before writing an offer for a buyer client.
Licensees have the fiduciary duties to act in the best interests of their client, including the giving of advice. When a buyer and licensee view a property together, the licensee is able to accurately assess the property, verify listing details and can provide accurate real-time advice to their buyer, enabling the buyer to make informed decisions. If a buyer client is unable to attend a property viewing it is critical that the licensee view the property. Licensees giving advice or writing offers on a property they have not seen themselves drastically increases the risk to the buyer and the licensee.
A licensee has a fiduciary duty to discuss with their client the importance of viewing a property. If a buyer is still not able to attend the viewing after being advised by the licensee of its importance always follow up in writing to confirm that this discussion took place. If the client requests the licensee view a property on their behalf the licensee needs to obtain written instruction from the buyer setting out their expectations and the licensee's responsibility, view the property and further advise their buyer client.
Licence Renewal Deadline is This Sunday!
If you have already completed your licence renewal(s) you can disregard the rest of this email.
To verify if you have completed your licence renewal, you can check the licensee portal.
The deadline for online licensing renewals is 11:59 pm this Sunday, June 30, 2024. 415 licensees and 12 brokerages still need to complete their renewals.
If you do not renew or voluntarily terminate your licence by the deadline:
- Your licence will be immediately suspended on July 1;
- Your name will be published in accordance with Commission by-law 839 in an email bulletin and on the Commission website; and
- You must immediately cease all trading activities, including taking down signage, advertising, and social media.
To have your licence reinstated after the deadline has passed, you must apply to have your licence reinstated, pay the renewal fee, and be issued a licence, at which point you may resume trading activity.
Brokers are responsible for renewing the brokerage licence, audit fees, any branch office licences, their broker licence, and, if applicable, their approved sales corporation licence. Brokers can use the Brokerage Reports in the licensee portal to view licence renewals and CPE completions of the brokerages' licensees.
All other licensees are responsible for renewing their real estate licence and, if applicable, their approved sales corporation licence.
If you need help, the Licence Renewal Resource page is available with video tutorials, a user manual, and important information about payment methods and deadlines.
