TORONTO, Nov. 2, 2017 /CNW/ - On November 1, 2017, under the authority of the Real Estate Business Brokers Act 2002 (REBBA), the Real Estate Council of Ontario (RECO) issued a Freeze Order, freezing bank accounts of:
RE/MAX Right Choice Inc., of 6464 Yonge St #250, Toronto, ON M2M 3X4.
Freeze Orders are invoked by RECO against brokerages when required to prevent funds from being withdrawn from a brokerage's accounts in order to protect consumer deposits. A RECO inspection revealed irregularities in the finances of RE/MAX Right Choice Inc., and the matter is being investigated further. Additional action may be taken and information will be made available through RECO's website.
Individuals concerned about the impact of this Freeze Order are asked to use the contacts listed below:
Home buyers and sellers with questions about the impact of the freeze order, including whether a pending sale or purchase will be completed on time should contact:
About RECO: The Real Estate Council of Ontario regulates real estate professionals in the province on behalf of the Ontario government by enforcing the Real Estate and Business Brokers Act, 2002 (REBBA). We protect the public interest through a fair, safe and informed marketplace. RECO holds registered brokers and salespersons to professional standards, protects the public interest, and enhances consumer confidence in the real estate profession. In addition, RECO strives to educate consumers to ensure they understand the benefits of a regulated real estate sector. For more information, visit www.reco.on.ca.
SOURCE Real Estate Council of Ontario
For further information: FOR MEDIA ENQUIRIES, PLEASE CONTACT: M. Daniel Roukema, Senior Advisor, External Communications, Real Estate Council of Ontario, 416-207-3102, [email protected]