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CA RECO freezes bank accounts of Toronto brokerage

Property Here - Monday, January 21, 2013

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The Real Estate Council of Ontario (RECO) has frozen the bank accounts of Graydon Hill Realty in Toronto.  RECO says “an inspection identified irregularities in the bank accounts of Graydon Hill Realty”, which led to the freeze order.

A freeze order is issued to prevent further funds from being withdrawn from a brokerage account.

The regulator says buyers and sellers who may be concerned about whether a pending sale or purchase will be completed on time, or who have any other questions about the impact of the freeze order, should contact Jay Blair at RECO at 416- 207-5171; email jay.blair@reco.on.ca.

The broker of record for Graydon Hill Realty is David Allen. The brokerage has about 35 sales reps.