An Ontario salesperson is selling a condominium they own personally. Under TRESA s. 32, what must happen before the salesperson sells it or makes an offer to sell it?
Correct Answer
A) Give the buyer written notice of registrant status and value facts, acknowledged in writing
TRESA s. 32(1) applies to divesting an interest as well as acquiring one: a registrant must not sell, or offer to sell, their own interest in real estate unless they first deliver a written notice to the other parties and those parties acknowledge receipt in writing. Under s. 32(2), the notice states that the person is a registrant and fully discloses all facts within their knowledge that affect the value of the property.
Why This Is the Correct Answer
Written notice to the buyer, covering registrant status and facts affecting value, with written acknowledgement before the sale or offer, is what TRESA s. 32 requires when a registrant divests their own interest in real estate. The rule mirrors the requirement for a registrant's purchases.
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