In a rare move, Ontario’s real estate regulator has frozen the bank accounts of a North York Re/MAX brokerage after an inspection turned up financial irregularities at Re/MAX Right Choice Inc. It has been more than six years since the Real Estate Council of Ontario (RECO) issued a freeze order, the agency said on Thursday. Freeze orders are invoked against brokerages to prevent them from improperly withdrawing the deposit money consumers put down when they buy a home, said a notice from RECO on Thursday. Brokerages are not allowed to use the deposits or the agent commissions, also usually held in trust, for other purposes. Re/MAX Right Choice Inc. is located on Yonge St. near Steeles Ave.; the brokerage did not return calls from the Star left with its answering service.

Source: thestar November 02, 2017 22:18 UTC