News Bulletin - June 25, 2025

Clarification on Trust Deposits Submitted Electronically
Revised By-law and Forms Effective July 1
Online Licensing Renewal Deadline June 30 at 11:59pm

Clarification on Trust Deposits Submitted Electronically

If the buyer sends a trust deposit electronically (ie. wire transfers, EFTs, etc.) there can be a delay between when the funds are sent and when the deposit actually arrives in the brokerage’s trust account. These timing issues may overlap with the deposit deadline in the APS.

Previously, the Commission advised that if the buyer or their agent could provide confirmation from their financial institution that the deposit was in transit by the deadline, that would comply with the language of the APS. However, as electronic deposits have become more common, the Commission has received questions from licensees and as a result, decided to seek further legal review to provide a more definitive interpretation.

Based on that review, the Commission now advises that for the purposes of the APS, “delivered as specified” should be understood to mean that the deposit has been deposited in the brokerage’s trust account by the deadline stated in the agreement. While proof that funds were sent may show that the buyer acted in good faith, it does not necessarily meet the legal requirement for “delivery.”

This clarification is important because if the deadline is missed and the funds are not actually deposited in the brokerage’s trust account as specified, the seller shall be at liberty to declare the Agreement null and void.

Licensees must ensure that buyers understand the risks of sending a deposit electronically close to the deadline. Clear communication with clients and careful attention to deposit timing will help avoid unnecessary disputes and protect all parties in the transaction.

If a deposit has not been received by the deadline in the APS, the seller’s brokerage is to advise the seller. This new legal opinion helps clarify when that notification should happen. 
 
If either buyer or seller are disputing that the deposit was not received on time, they are to be referred to their legal counsel.

Revised By-law and Forms Effective July 1

Reminder that the Commission By-law will be updated July 1 to reflect the revised Parts 1—Definitions, 7—Conduct and Trade Practices and 8—Discipline. For more information on the By-law updates, click HERE.

Also effective July 1, revised versions of numerous Commission forms will go into effect and their use will be mandatory. Majority of revisions were made to coincide with the By-law updates. Licensees are to continue using the current versions of the forms up to and including June 30, 2025 and are to be immediately discontinued on July 1 when the new forms come into effect. It is essential that all licensees review and understand these new forms prior to their implementation. For more information on the forms updates, click HERE.

Website Revisions
FYI: The Commission website will begin undergoing revisions today to reflect the upcoming changes. 

Online Licensing Renewal Deadline June 30 at 11:59pm

If you have already completed your licence renewal(s) you can disregard this reminder. To verify if you have completed your renewals(s), you can check the licensee portal.
Reminder the Online Licensing Renewal Deadline is June 30 at 11:59pm.

At 12:00 am on July 1, any licence that is not renewed will be terminated.

If you let your licence terminate, you must immediately cease all trading activities, including taking down signage, advertising, and social media. To have your licence reinstated after the deadline has passed, you must apply to have your licence reinstated, pay the renewal fee, and be issued a licence, at which point you may resume trading activity. 

All licensees are responsible for renewing their real estate licence, and if applicable, their approved sales corporation licence. 

Brokers will be responsible for renewing the brokerage licence, audit fees, any branch office licences, their broker licence, and, if applicable, their approved sales corporation licence. Brokers can use the Brokerage Reports in the online portal to view licence renewals and CPE completions of the brokerage's licensees.

If you need help, the Licence Renewal Resource page is available with video tutorials, a user manual, and important information about payment methods and deadlines.