The Real Estate Council of Ontario (RECO) has suspended the registrations of Re/Max North Country Realty, which is based in Huntsville, Ont. with offices in Bala, Bracebridge, Burk’s Falls, Gravenhurst, Haliburton, Kilworthy, Minden, Port Loring and Wilberforce.
“RECO discovered a shortfall in Re/Max North Country Realty Inc.’s statutory real estate trust account, where consumer deposits are to be held,” says the regulator in a public advisory.
“All trading activities at Re/Max North Country Realty and its registered branches must cease immediately.”
It says additional action may be taken and information will be made available through RECO’s website.
The brokerage’s owners are John and Ray Jarvis, who purchased Re/Max New Lifestyles and Re/Max Lake Country in the Muskoka region in early 2010. In less than a year, they doubled their market share under the Re/Max North Country banner.
RECO says co-operating brokerages for trades in which Re/Max North Country Realty holds the deposit and/or are owed commissions should contact Jeremy Meuris at (416) 207-4875, toll free: 1-800-245-6910, ext. 4875 or email [email protected].
Employees of Re/Max North Country Realty with questions about commissions should contact the claims adjuster for RECO’s insurance program: ClaimsPro LP, 1-877-740-1913, email: [email protected]. RECVO says the insurer requires one Notice of Claim Commission Protection form per trade. Claim forms are located on the insurer’s website.
Home buyers and sellers with questions about the suspension order, including whether a pending sale or purchase will be completed on time, should contact Shaun Chu-A-Kong at (416) 207-4873, toll free: 1-800-245-6910, ext. 4873, email [email protected]