RECO advisory warns against real estate agent engaged in grave fraud

The Real Estate Council of Ontario (RECO) has released a public advisory against agent Christopher Parik, whose professional registration was terminated on January 31, 2017.
 
“The [RECO] is warning members of the public not to engage in real estate transactions, including Rent to Own transactions (RTO) with Christopher Parik of York Region,” the Council stated in its announcement.
 
“Mr. Parik operated an independent RTO program under the website www.chrisparik.com, targeting a sector of the public who could neither afford, nor qualify to purchase a home with the promise of a ‘rent to own with zero down’ scheme.”
 
The RECO was action on the results of an investigation it conducted into Parik’s operations, following complaints the Council received in late 2016 and early 2017.
 
“Six complainants allege that Mr. Parik charged an initial fee of $595, failed to provide any further service, and then refused to return the fee,” RECO said. “On March 31, 2017, RECO laid 8 charges pertaining to Mr. Parik’s conduct, specifically for accepting commission or other remuneration for trading in real estate from someone other than the brokerage that employed him, as well as failing to deliver required copies of agreements to his employing brokerage.”

Members of the public who might have been involved into any transaction with Parik or his company TurnKey Investments can register their complaints through the RECO’s grievances portal.


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COMMENTS

  • by Arnold Handelman 2017-05-24 4:37:24 PM

    There are legitimate Rent To Own deals out there.

    So the fact that this agent acted improperly and cheated people in a purported but fraudulent Rent To Own deal, should not be treated as evidence or proof that all such deals or arrangements are fraudulent.

    However, there are potential pitfalls, so the best path is to deal with a reputable real estate agent, preferably one who can show you he or she is experienced in Rent To Own transactions. Also, it is always sound advice to take your papers to a good real estate lawyer for him to check over before signed. Or, at the very least, put in a clause in the papers stating that it is conditional for three business days on your lawyer reviewing and approving same. Failing waiver of the condition within that time frame, the transaction shall be null and void and deposit returned to the purchase without deduction.

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