Dear colleagues,

TREB has posted the following changes to the current Buyer Registry Rule. As a recognized special designated group, PICRA will be providing a collective feedback to TREB on these rules. We need your valuable feedback. Please spend 5 minutes to review these changes, and provide us with your feedback to info@picra.ca. Thank you.

Buyer Registry Rule Changes
The following Buyer Registry Rules are being published to Members for sixty (60) days for your input as per the Policy. After the sixty (60) day period, all comments and presentations will be considered by the BRS Committee and the Board of Directors before making the final decision and publication to the Members in accordance with TREB By-laws.

BUYER REGISTRY SERVICE (BRS) RULES: (The underlined wording is to be added and the struck through wording is to be deleted):
i) Signed Buyer Representation Agreement and a Buyer Representation Agreement Data Form shall be required to register Buyers on the Buyer Registry Service.
ii) The cancellation of a Buyer Representation Agreement required the dated signature(s) of the Buyer(s) and the Buyer’s Brokerage. The Buyer’s Brokerage shall update the System within two (2) TREB business days following cancellation of a Buyer Representation Agreement.
iii) The extension of a Buyer Representation Agreement requires the signature(s) of the Buyer(s) and shall be extended into the System within two (2) TREB business days following the signature of the Buyer(s) and before the expiry date or the Agreement will be deemed expired.
iv) In all instances when a Buyer Representation Agreement Data Form has been signed by the Buyer(s), the Buyer Brokerage shall register the Buyer Representation Agreement through the System within two (2) TREB business days following the signature date of the Buyer(s).
iv) v) When Buyers have a firm transaction the Buyer’s Brokerage shall report the sale within two (2) TREB business days.
v) vi) While TREB recognizes the right of Buyers and Brokerages/Salespersons to determine the term of their Buyer Representation Agreements, only Buyer Representation Agreements which have a term of sixty (60) five (5) days or longer from the signature date of the Buyer(s) may be registered in the Buyer Registry Service.
vii) If a Buyer Representation Agreement has been registered in the Buyer Registry Service and the term of that Agreement is reduced to a period of less than sixty (60) days, the Brokerage/Salesperson shall forthwith advise the Buyer Registry Service and any notice in the Buyer Registry Service based on that Agreement will be removed from the Buyer Registry Service.
vi) viii) The Brokerage/Salesperson shall agree with the terms of the Buyer Registry Authorized User Agreement.
vii) ix) The Buyer’s Brokerage is responsible for the accuracy of all information. TREB is not obligated to or responsible for reviewing the accuracy of any Buyer Representation Agreement Data Form.
PROCEDURES TO AMEND TREB’S BUYER REGISTRY SERVICE (BRS) RULES:
BRS Rules will only be updated annually. The only exception will be for specific legislation, technology, or legal requirements).
The BRS Committee is given initial consideration to changes to the BRS to only consider Rules that assist the orderly operation of the BRS Service.
The procedure for any and all changes to BRS Rules will be examined first by the BRS Committee:
Any proposed change to BRS Rules will be examined by the BRS Committee;
Proposed changes will be approved in principle by the Board of Directors;
Proposals will then be sent for legal review;
Proposals will then be sent to CREA for review to ensure BRS Rules are in adherence to the Competition Law.
All comments and feedback will be considered by the BRS Committee in finalizing proposed changes to the BRS Rules before forwarding to the Board of Directors.
A full report of Legal and CREA’s comments will accompany the proposed changes to be considered by the Board of Directors subject to Members input.
The proposed changes will then be published for Members input. Members will have sixty (60) days from publication to comment in writing to the Board of Directors, or to make a presentation in front of the Board of Directors. (Presentations will be restricted to five (5) minutes per person or delegation).
The Board of Directors will give final approval prior to publication to Membership in accordance with TREB By-Laws.