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Real Estate Brokerage Compliance
Toronto has achieved the status as one of the hottest real estate markets over the past decade – amid an explosion in information technology – spawning a new generation of sophisticated online brokerages. Goodmans has been at the forefront of this boom, assisting brokerages in the Greater Toronto Area (GTA) navigate compliance issues and dispute resolution with the Toronto Regional Real Estate Board (TRREB).
Real estate brokerages in the GTA rely on data from TRREB regarding listings to generate Virtual Office Websites (VOWs), which allow potential clients of the brokerage to obtain information regarding active listings and sold properties. The creation and maintenance of a VOW are subject to a number of detailed agreements between real estate brokerages and TRREB relating to data security, among other things. As the sophistication and user-friendly nature of VOWs have increased, so have issues regarding appropriate compliance.
We have extensive experience advising clients regarding compliance with TRREB’s agreements and have litigated proceedings commenced by TRREB in the Federal Court raising issues relating to data security, copyright law and competition law.