The Real Estate Council of Ontario (RECO) has frozen the bank accounts of Re/Max Right Choice in Toronto, stating that a RECO inspection revealed irregularities in the finances of the brokerage.
The matter is still under investigation and additional action may be taken, RECO says.
“Freeze orders are invoked by RECO against brokerages when required to prevent funds from being withdrawn from a brokerage’s accounts to protect consumer deposits,” says RECO.
Co-operating brokerages for trades in which Re/Max Right Choice holds the deposit and/or are owed commissions by Re/Max Right Choice should contact Jeremy Meuris at (416) 207-4841; toll free: 1-800-245-6910, ext. 4841; or e-mail: insurance@reco.on.ca. Employees of Re/Max Right Choice with questions about commissions should contact the claims adjuster for RECO’s insurance program: ClaimsPro LP, toll free: 1-877-740-1913; e-mail: claims@reco-claims.ca.
In a statement, Re/Max Integra says: “Right Choice Realty was terminated as a Re/Max franchise on Oct. 23, 2017, prior to the RECO investigation that is currently underway. At Re/Max…we pride ourselves on the values of honesty, fairness and accountability and we support RECO in their efforts to protect consumers.”
