The Oakville real estate community was shocked Thursday, after the Real Estate Council of Ontario (RECO) announced it was suspending the registration of the Brekland Realty Group.
Under the Real Estate and Business Brokers Act 202, RECO has frozen the bank accounts of the brokerage and charged it with failing to disburse trust funds in accordance with the terms of the trust.
The Mississauga-based realty group, which also goes by the name Monster Realty Corporation, employs approximately 213 people at branch offices in Oakville, Mississauga and Milton.
The Oakville branch operated on South Service Road with the Mississauga office located on Meadowvale Boulevard and the Milton office on Ontario Street in Milton.
The suspension by RECO means the brokerage and its employees can no longer trade in real estate.
The employees can apply to council for transfers to other brokerages.
“There are no criminal charges at this time,” said Sherri Haigh, RECO communications manager. “RECO’s investigation is ongoing.”
RECO Registrar Allan Johnston said the suspension and charge by the real estate council relates to a significant shortfall of funds from the brokerage’s trust account.
Brekland Realty Group sales agents, who were reached for comment, reacted to news of the suspension with surprise and confusion.
“Nobody really knows what’s going on,” said one sales associate.
“It’s just a really confusing time. We are trying to find somewhere else to go.”
Sales representative Fabrizio Pacchione said those who work for Brekland Realty Group are taking care of their clients first and ‘moving on’ second.
“Regardless of what happened and how it happened, that’s not important,” he said.
“The important thing is to protect our clients.”
The Oakville Milton and District Real Estate Board (OMDREB) would not comment on the suspension imposed by RECO on the local firm, but did discuss the governing body all Ontario Realtors must adhere to.
“We, as Realtors, are governed by a licencing body, RECO, which is extremely diligent in overseeing real estate transactions made by its licencees,” said Jeff Mahannah, past president of OMDREB.
“They react quickly to ensure the integrity of real estate sales and the protection of consumers.
“Many salespeople and brokers are already in the process of moving to new brokerages and we are confident that they will do everything they can to mitigate any inconvenience to their clients and customers during their transition to new brokerages,” said Mahannah.
Visitors to the Brekland Realty Group website can see the following message, “Please be advised: Effective Immediately (Feb. 1, 2012), due to violations of the Real Estate and Business Brokers Act 2002, Monster Realty Corporation, operating as Brekland Realty Group has had their registration suspended with RECO. For more information, please contact the Real Estate Council of Ontario at 416-207-4800."
RECO is asking any homebuyers or sellers who have representation agreements or deposits with Brekland Realty Group to go online to www.reco.on.ca for further information.
Source: http://www.insidehalton.com/news/business/article/1291996--real-estate-community-in-shock-over-brekland
No comments:
Post a Comment