You will need an HST number to process your first deal.
To obtain an HST number, please visit the CRA website and apply for one.
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How do I make a direct deposit (in Ontario)?
Instructions for making a direct deposit in Ontario (SEE ATTACHED)
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How do I add a buyer to the Buyer Registry Service (TRREB)?
Zolo will not attempt to pursue the commission of a buyer under a Buyer Representation Agreement (BRA) who purchased a property through another agent unless that buyer has been added to the Buyer Registry Service (BRS) in advance of the purchase transaction occurring.
Adding your clients to the BRS is essential. By doing so immediately after a BRA is signed, you ensure that we can take the necessary steps to protect your commission through arbitration against the opposing brokerage if your client purchases a property through another agent while your BRA is in effect.
We strongly recommend that all agents add every buyer they have under a representation agreement to the BRS without delay. This simple step safeguards your hard work and ensures that we are positioned to act on your behalf if required.
Additionally, it’s a smart practice to search the BRS before working with a client to protect yourself in case of any disputes regarding buyers who may already be under another agent's representation agreement.
To make this process easier, here’s a screenshot on how to access the Buyer Registry Service from Realm
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"Parking my license" is a commonly used term to describe Realtors who are licensed but not active.
If you become inactive, you're still able to be part of the our team, as long as your license is valid. Please let us know if you're going to be inactive by messaging alaayounanrealty@gmail.com . You can pause your leads in your CRM yourself or we can do it for you. We'll also adjust our communication with you so you don't get irrelevant emails or SMS.
When you're ready to come back, message us again at the same email address and we'll gladly get you started again.
For clarification, Alaa Younan Realty requires all agents to maintain their real estate license, insurance, and board membership. If you are unable to do so, you are required toresign from us. If you are able to maintain your license and board membership then you are welcome to stay with our company until you are ready to begin receiving leads again.
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When representing a buyer client making an offer on a For Sale By Owner (FSBO) property (meaning the seller is self-represented), take the following actions when completing the Confirmation of Co-operation and Representation form:
Select Checkbox 1a, which states: "The Seller Brokerage or a Designated Representative of the Seller Brokerage represents the interests of the Seller in this transaction."
Still under Section 1a, select checkbox 2, which states "The Seller Brokerage or a Designated Representative of the Seller Brokerage is providing assistance to the Buyer and the Buyer is a self-represented party.
Then, complete the rest of the form as required, including names, signatures, etc
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When representing a buyer client making an offer on a For Sale By Owner (FSBO) property (meaning the seller is self-represented), take the following actions when completing the Confirmation of Co-operation and Representation form:
Select Checkbox 1a, which states: "The Seller Brokerage or a Designated Representative of the Seller Brokerage represents the interests of the Seller in this transaction."
Still under Section 1a, select checkbox 2, which states "The Seller Brokerage or a Designated Representative of the Seller Brokerage is providing assistance to the Buyer and the Buyer is a self-represented party.
Then, complete the rest of the form as required, including names, signatures, etc.
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How do I Ensure I Receive Payment when Working with a Self-Represented Landlord?
If you are representing a tenant who is leasing a property from a self-represented landlord, you must insert a remuneration clause into the agreement of purchase and sale in order to receive your commission.
The remuneration clause creates an agreement that the landlord agrees to pay an amount to compensate the tenant for the tenant's brokerage fees.
For deals involving a self-represented landlord, our agents should add the following clause into Schedule A of the Agreement to Lease:
"The Landlord agrees to pay the Tenant the sum of [insert amount], inclusive of applicable taxes, as compensation for the Tenant's brokerage fees incurred under the Tenant Representation Agreement. This payment shall be made to Alaa Younan Realty brokerage inc. upon the successful completion of the transaction."
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Do I need to send the RECO Guide to a Self-Represented Party?
Yes, when you are working on a transaction that involves a Self-Represented Party (SRP), you must send and explain the RECO guide to both your client, and the SRP.
This may seem counter-intuitive, but this is an important requirement under RECO.
The RECO guide explains the benefits of working with a real estate agent, and highlights the risk of self-representation. It also explains that you are obligated to act in the best interests of your client, not the SRP.
Send and explain the RECO guide (along with the Information and Disclosure to Self-Represented Party form ) upon initial contact with the SRP, and again at the time of offer, at which time a signature should be obtained.
Example:
When you are the listing agent, and a self-represented party contacts you to arrange a showing, send and explain the RECO guide (along with the Information and Disclosure to Self-Represented Party form). Resend the guide and form again when the SRP places their offer, and ask them to sign both.
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What is the Information and Disclosure to Self-Represented Party Form?
The Real Estate Council of Ontario (RECO)'s Information and Disclosure to Self-Represented Party form is mandatory in any transaction involving a self-represented party. It is your duty to provide it to the self-represented party involved in the transaction.
This form highlights the risks of self-representation, and clearly explains that you do not represent the self-represented party (SRP). It explains that:
You represent your client and owe them a duty of care. Any assistance provide to the SRP will be in service of your client.
Any information they (the SRP) provide to you will be shared with your client as part of your duty to your client.
The form does not constitute a contract for services or assistance from you or your brokerage
You must provide this form to the self-represented party upon initial contract, and again at the time of offer, at which time a signature should also be obtained.
Example:
When representing a buyer client who is making an offer on a For Sale By Owner (FSBO property, send the Information and Disclosure to Self-Represented Party form (along with the RECO guide ) when initially contacting the seller (e.g. to arrange a showing). Resend the form and the guide with the offer and request the seller's signature.
Even after sending the form, take care not to provide any opinions, advice, or services to the self-represented party so as not to create any implied representation. Always act in the best interests of your client.
The Information and Disclosure to Self-Represented Party form informs the self-represented party, and also protects you. A copy of the form is attached for your reference.
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What Obligations do I have when Working with a Self-Represented Party?
Navigating trades involving self-represented parties can seem daunting, but mastering the complexities of these types of deals is crucial for protecting yourself from potential legal and ethical issues.
When working with a self-represented party, here are some key points to remember:
1. You are not permitted to provide services to a self-represented party, unless it is in service to your client. Make it clear that you represent your client's best interests, not the interests of the self-represented party.
2. Send the RECO Guide to both your client and the self-represented party.
3. Send the Information and Disclosure to Self-Represented Party form to the self-represented party.
4. Complete the Confirmation of Co-operation and Representation form according to who you are representing. For examples: check out these articles:
How do I Complete the Confirmation of Co-Operation and Representation Form when my Buyer Client is Placing an Offer on a FSBO?
How do I Complete the Confirmation of Co-Operation and Representation Form when my Seller Client is Accepting an Offer from a Self-Represented Party (SRP)?
5 . If you are the buyer's agent, placing an offer on a FSBO, add a remuneration agreement in Schedule A.
6 . Place the deposit in trust with a lawyer, or in Alaa Younan Realty's trust account. Never place the deposit directly with the seller.
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How do I ensure I Receive Payment When Working with a Self-Represented Seller?
If you are the buyer's agent and your buyer is purchasing a FSBO (For Sale By Owner) or mere posting, you need to insert a remuneration clause into the agreement of purchase and sale in order to receive your commission.
The remuneration clause creates an agreement that the seller agrees to pay an amount to compensate the buyer for the buyer's brokerage fees.
For deals involving a self-represented seller, Zolo agents should add the following clause into Schedule A of the Agreement of Purchase and Sale (APS):
"The Seller agrees to pay the Buyer the sum of [insert amount], inclusive of applicable taxes, as compensation for the Buyer's brokerage fees incurred under the Buyer Representation Agreement. This payment shall be made to Zolo Realty upon successful completion of this transaction and shall be facilitated through the Seller's lawyer on the closing date."
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What form is required to process a rebate on a deal?
Rebates are occasionally offered by buyer agents as an incentive. This should really only occur in circumstances where the agent feels they must do so in order to compete for a client’s business.
When a rebate is offered on a deal, add a clause that explicitly specifies the agreed upon rebate details in Schedule A of the Buyer Representation Agreement.
For example:
“Alaa Younan Realty agrees to rebate the Buyer $X upon the successful completion of a transaction with the brokerage.”
You must also notify the Deals team deals.alaayounanrealty@gmail.com so that they know to process the rebate when the deal closes.
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What forms do I need to sell a property on Assignment?
Forms needed to sell a condo on assignment
When listing an assignment, it simply requires the standard Listing Agreement form to be signed as per normal. Before listing, however, you should speak with the builder to find out:
a) if you have permission to assign your unit; and
b) if you are allowed to advertise on the MLS.
Assignment offers
When receiving an offer on an assignment, this becomes a lot more complex. Most real estate boards have professional development courses and assignment sales tend to be a part of those courses. We encourage you to sign up for one of those courses through your real estate board.
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Is there a cheat sheet to help me with all the changes around TRESA?
Yes! TRREB created a TRESA Tip Card that's a quick reference for all of the most pertinent changes for realtors.
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Under TRESA what information can I give a new lead?
What information are you and aren't you allowed to provide a new lead under TRESA?
To be clear, you are permitted to provide general information to anybody who inquires. This may include the price of a property, number of bedrooms, availability, etc.
You are not permitted to provide opinions, advice or services until after a representation relationship is established.
Therefore, your process of working with a lead would look like this:
Lead inquires / you connect with lead.
Answer any questions they may have that require general information. You cannot book a showing with them or give an opinion of value at this stage.
Explain and send the RECO Information Guide from your CRM to the lead. Ideally, they will sign the acknowledgement and send it back to you.
Let the lead know that as per the RECO Information Guide, you will be offering services to them as a client.
If they tell you that they wish to be a self represented party, then you are not permitted to work with them (unless they want to see a property you've listed because that would be providing a service to your seller client).
If they do not object to being treated as a client, this will be implied representation. You can proceed to show them properties and/or provide advice.
You still should sign a representation agreement at the earliest practical opportunity.
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How do finder's fees work?
Finder's fees are financial incentives offered to agents by the providers of services such as mortgages and insurance for customer referrals.
In accordance with regulations, all money must always flow through the brokerage.
When you are offered a finder's fee, the company offering it must disburse the funds to us, and then you will be paid out by the brokerage according to relevant split rules for that referral. Transaction fees do not apply to finder's fees.
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