Council says providing documents promptly means ‘without delay’

Council has reported that many licensees are not providing the necessary documents to their managing broker promptly—meaning without delay—and may not be aware that promptness in this matter is a Council requirement.

Are you aware that brokerages are responsible for ensuring that licensees documents are kept safe and confidential by the brokerage, and retrievable in the event that Council requests them, or the brokerage is audited?

They cannot comply with this if licensees are not handing over the documents as required.

The following records must be provided to your brokerage promptly, though this is not the entire list.

  • Written disclosure statements (e.g. Disclosure of Remuneration, Disclosure of Interest in Trade, Disclosure of Risks to Unrepresented Parties, etc.)
  • Written service agreements (e.g. listing contracts, buyer agency contracts, etc.) and other records that establish the scope of authority (e.g. fee agreements, etc.)
  • Contracts for the acquisition and disposition of real estate (e.g. Contracts of Purchase and Sale, Offers to Lease, Tenancy Agreements, etc.)
  • Information necessary to complete the Trade Record Sheet

Check out  Providing Records to Your Brokerage and 6 Things You Should Know About Keeping Records from the Council.