VANCOUVER — The bank accounts of a Toronto brokerage are frozen to protect consumer deposits after Ontario’s real estate professional regulatory body discovered “a substantial amount” missing. RECO discovered the discrepancy between how much money the brokerage should have held in trust in its accounts and the amount it possessed last week during a routine check, Roukema said. The brokerage of the realtor representing the buyer will hold the deposit in the brokerage’s real estate trust account until it must be paid to the seller on the closing date. RECO froze the brokerage’s accounts to protect consumers from further harm, Roukema said. It’s urging homebuyers and sellers who are involved with the agency or their lawyers to contact the council, he said.

Source: National Post November 02, 2017 21:21 UTC