Wednesday, April 4, 2012

Time to Amend the Code of Ethics ~ RECO Election 2012

Candidate Brian Madigan LL.B.



Ontario Real Estate Source


By Brian Madigan LL.B.


As many of you know, I have offered to let my name stand as a candidate for election as a Director of the Real Estate Council of Ontario for a three year term commencing in June 2012.

Let's look at an issue which I believe is topical for the 2012 election?

There are offers commonly known as “Bully offers” which present a problem for the industry. Few participants are on the winning end. As part of the process, the existing ethical obligations apparently suggest that by placing the client in a higher position than the profession as a whole, that the consumer is well-served.

To me, the result is the opposite. The consumer loses faith in the integrity of the system. Those who breach the rules are encouraged and those who follow the rules become disgruntled.

Consumers and the public understand the rule of law and the basic system of fairness. What they do not understand is the bully offer loophole.

In my view, there are times when a professional must honour a professional code of ethics first and follow the client's instructions thereafter. This occurs every day in the legal and medical professions. It is a matter that should be honoured here too.

As the real estate business moves from an "industry" to a "profession", the Professional Standards and Code of Ethics need to form the primary responsibilities of the registrants.

While it is always possible to contact a lawyer for legal advice on such matters, I would suggest that appropriate amendments to the Code of Ethics be made under the Real Estate and Business Brokers Act, 2002 be made to ensure that a professional's responsibilities are primary.

The related and important consequence would be the elimination of the bully offer loophole. This will add to the inherent integrity of the system, ensure fairness and encourage the consumer to respect the registrants and the profession.


A seller would then be able to set up rules related to the presentation of offers, and everyone would be obligated to follow those rules, without the risk that a “bully offer” might arrive earlier. There should be no breach of ethical obligations if the registrant simply followed the seller’s rules and guidelines.


Here's the political promise: if I am elected I will support the appropriate amendments to the Real Estate and Business Brokers Act, 2002, to place adherence to the Professional Code of Ethics as the primary duty of the registrants.

The effect in my view will be "increased professionalism".

Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.
www.OntarioRealEstateSource.com

Tuesday, April 3, 2012

Brian Madigan LL.B., Broker ~ Candidate - RECO 2012 Election



Brian Madigan ~ Candidate Profile (RECO 2012 Election)


Ontario Real Estate Source


By Brian Madigan LL.B.


The Real Estate Council of Ontario (RECO), the governing body of real estate brokers, sales representatives and brokerages is electing three new directors to take office in June 2012.

I have decided to submit my candidacy for election as a Director to represent Region 1, which includes Toronto and other central Ontario areas.

RECO will circulate the following information in its election package:

Real estate broker, commercial and residential, real estate litigation advisor, venture capitalist and educator, Approved RECO Education Provider (Disclosure Laws), Continuing Education Course Developer and Instructor (Agreement, Chattels and Fixtures, Surveys, Boundaries and Adverse Possession, Competition Law, Family Law, Estate Planning, Risk Management, Liability under Law of Torts, published over 2,300 articles on real estate for the consumer emphasizing ethical practice by real estate practitioners, developed independent comparative performance index for real estate; served as mediator and arbitrator in real estate matters; accepted as expert witness by Superior Court of Justice in Ontario related to professional standards; graduated Osgoode Hall Law School 1974, practiced law in Toronto for 25 years, commercial and negligence litigation, professional discipline experience as advocate, prosecutor and chair, professional liability experience; over 1,000 court appearances including Superior Court of Justice and Ontario Court of Appeal; closed over 5,000 real estate transactions; served on Boards of Public Hospitals, Foundations, and Chairman of Investment Committees for publicly funded pension plans, advisor to Insurers underwriting corporate governance policies; previously Speaker, Canadian Bar Association, Lecturer, Law Society of Upper Canada, Instructor Bar Admission Course; Director, numerous non-profit organizations.

As a member of the RECO Board, I would encourage professionalism, foster education, permit accredited specialization, allow personal incorporation of real estate practices. Please confirm your commitment by exercising your right to vote!


Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.
www.OntarioRealEstateSource.com

Monday, April 2, 2012

Brian Madigan ~ Candidate 2012 RECO Board of Directors


RECO Election 2012 ~ Region 1

Ontario Real Estate Source

By Brian Madigan LL.B.

I recently announced my candidacy for election to the Board of Directors of the Real Estate Council of Ontario (RECO) in Region 1 being "Central Ontario".

I have received a number of inquiries concerning the location of the Region 1. The three regions together are of approximately equal size.

So here they are:

REGION 1 Central Ontario

Brampton Real Estate Board

Durham Region Association of REALTORS®

Mississauga Real Estate Board
Oakville - Milton & District Real Estate Board

Orangeville & District Real Estate Board

Toronto Real Estate Board


REGION 2 Western & Southern Ontario

Brantford Regional Real Estate Association Inc.

Real Estate Board of Cambridge Inc.

Chatham-Kent Real Estate Board

REALTORS® Association of Grey Bruce Owen Sound

Guelph & District Association of REALTORS®

Huron Perth Real Estate Board

Kitchener-Waterloo Real Estate Board Inc.

London & St. Thomas Association of REALTORS®

Niagara Association of REALTORS®

REALTORS® Association of Hamilton-Burlington

Sarnia - Lambton Real Estate Board

Simcoe & District Real Estate Board

Tillsonburg District Real Estate Board

Windsor - Essex County Real Estate Board

Woodstock-Ingersoll & District Real Estate Board


REGION 3 Eastern, Northeastern & Northern Ontario

Bancroft District Real Estate Board

Barrie & District Association of REALTORS®

Cobourg - Port Hope District Real Estate Board

Cornwall & District Real Estate Board

Georgian Triangle Real Estate Board

Kawartha Lakes Real Estate Association Inc.

Kingston & Area Real Estate Association

Muskoka & Haliburton Association of REALTORS®

North Bay Real Estate Board

Orillia & District Real Estate Board

Ottawa Real Estate Board

Parry Sound Real Estate Board

Peterborough & Kawarthas Association of REALTORS®

Quinte and District Real Estate Board

Renfrew County Real Estate Board

Rideau - St. Lawrence Real Estate Board

Sault Ste. Marie Real Estate Board

Southern Georgian Bay Real Estate Association

Sudbury Real Estate Board

Thunder Bay Real Estate Board

Timmins Real Estate Board

The RECO elections for 2010 are among the most important ever held. There are a number of new and significant issues facing the industry. There will likely be more changes within the next 5 years than there have been over the last 50 years.

Registrants in all Regions are encouraged to carefully consider the candidates. Please make an informed decision and exercise your right to participate by voting for a candidate of your choice.


Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.
www.OntarioRealEstateSource.com