Real Estate News

RECO launches online transfers and terminations

Online transfers and terminations

As of April 30, 2012, REALTORS® wishing to transfer brokerages are able to do so much faster.

The Real Estate Council of Ontario’s (RECO) online transfers and terminations initiative allows brokers of record and branch managers to process transfers and terminations online instead of filling out and submitting a paper application. The broker of record or branch manager can complete the transfer or termination through RECO’s MyWeb tool. For the full list of items required for the transfer and termination follow this link.

Under the Real Estate and Business Brokers Act, 2002, registrants cannot trade in real estate until their application for transfer is completed. Transferring employees can start working on behalf of the new brokerage immediately after the completion of the online transfer as long as the information provided is accurate and complete.

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