RECO issues Public Advisory regarding Reio Realty Ltd.

TORONTO, May 1, 2019 /CNW/ - On April 30, 2019, under the authority of the Real Estate Business Brokers Act 2002 (REBBA), the Real Estate Council of Ontario (RECO) issued a Freeze Order, freezing bank accounts of:

Reio Realty Ltd. 
Of 5851 Royal Manor Drive, Niagara Falls, ON L2G 1E9

Freeze Orders are invoked by RECO against brokerages, when required, to prevent funds from being withdrawn from a brokerage's accounts, in order to protect consumer deposits.  A RECO inspection revealed irregularities in the finances of Reio Realty Ltd., and the matter is being investigated further.  Additional action may be taken and information will be made available through RECO's website.

Individuals concerned about the impact of this Freeze Order are asked to use the contacts listed below:

Home buyers and sellers with questions about the impact of the freeze order, including whether a pending sale or purchase will be completed on time should contact:

Dipak Parmar
Phone: [phone]
Toll Free: 1-800-245-6910, ext. 3118
Email: [email protected]

Questions about consumer deposit claims, or other insurance-related inquiries, should be directed to RECO's Insurance Department:

Jeremy Meuris
Phone: [phone]
Toll Free: 1-800-245-6910, ext. 4841
Email: [email protected]

Cooperating brokerages for trades in which Reio Realty Ltd., holds the deposit and/or are owed commissions by Reio Realty Ltd., should contact:

Jeremy Meuris
Phone: [phone]
Toll Free: 1-800-245-6910, ext. 4841
Email: [email protected]

Employees of Reio Realty Ltd., with questions about commissions should contact the claims adjuster for RECO's insurance program:

ClaimsPro LP
Toll Free: 1-877-740-1913
Toll Free Fax: [phone]
Email: [email protected]

The insurer requires one Notice of Claim Commission Protection form per trade.  Claim forms are located on the insurer's website: www.reco-claims.ca 

Employees of Reio Realty Ltd., with questions about the procedures for transferring a registration to a new brokerage should contact:

Michelle Toomey
Phone: [phone]
Toll Free: 1-800-245-6810 ext. 4807
Email: [email protected]

For more information about freeze orders, read this FAQ.

The Real Estate Council of Ontario regulates real estate professionals in the province on behalf of the Ontario government by enforcing the Real Estate and Business Brokers Act, 2002 (REBBA). We protect the public interest through a fair, safe and informed marketplace. RECO holds registered brokers and salespersons to professional standards, protects the public interest, and enhances consumer confidence in the real estate profession. In addition, RECO strives to educate consumers to ensure they understand the benefits of a regulated real estate sector.

For more information, visit www.reco.on.ca.

SOURCE Real Estate Council of Ontario

For media enquiries, please contact: Adam Hawkins, Senior Communications Officer, Real Estate Council of Ontario, [phone], Email: [email protected]

Related Links

http://www.reco.on.ca