Staying prepared for RECO audits

Sometimes reported, other times random, RECO audits demand your time with utmost attention to organization and the details. Being caught unprepared can be costly. The question posed is — how do you prepare & protect your business in case of an audit?

RECO’s discipline department devotes a lot of attention to policing document integrity. With that in mind, having your paperwork in order is key. Common areas of focus include:

• Multiple Representation
  As a listing agent on an property, if any of the buyers are represented by the listing agent or an agent from their brokerage they must disclose this.
• Commission Adjustments
  All commission adjustments reduced to affect whether or not an offer would be accepted must be disclosed to all parties so all buyers are treated fairly.
• Presentation of Offers
  In a bidding war the offer process must be transparent — Bill 55 ensures listing agents retain all offers & counter offers submitted to their client’s property.

For more details on the common complaints see the full article here.

We understand the time it takes to cross all your tees and dot your eyes. DealTap automatically tracks your transaction activity, offering a seamless way to compile all compliance-related information with just one click. By exporting an audit report, you get the following:

Offers & Counter Offers

A list of all offers and counter offers — date and time stamped, as well as a copy of all versions. By using DealTap, you are already set to comply with Bill 55.

Audit Trail
The audit trail records & time stamps all activity done in your transaction by each collaborating party: agreement sends, opens, changes and signatures. This means any notices to commissions or multiple representations by either party would be captured in this log.

Signature Audit
The signature audit pulls 3 random signatures for each party allowing you to compare their visual aesthetic, time & location, IP address, device use and so forth. It’s the ultimate way to protect your deal in the case of disputes and litigation.

Want more info? Check out our DealTap training page!