Incorporate Personal Real Estate Corporation
Incorporate Personal Real Estate Corporation Ontario
A Personal Real Estate Corporation, Ontario, also known as PREC Ontario, is incorporated under the Ontario Business Corporation Act. PREC Ontario has only one controlling shareholder, such as a broker or a Realtor owning all equity shares with voting rights. The Controlling shareholder should be the president and sole director and officer of the Corporation.
Real Estate Council of Ontario ( RECO ) has set specific guidelines and checklist criteria to ensure that all PREC incorporated comply with the Personal Real Estate Corporation Ontario regulations.
At Shaikh Law, our corporate lawyers will help you incorporate a Personal Real Estate Corporation following the guidelines, checklist, regulations, and RECO restrictions.
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How much does it cost to incorporate a Personal Real Estate Corporation in Ontario?
Government fees to incorporate PREC in Ontario is $300, plus third-party service provider charge to file articles of incorporation online $53.77 + Tax, such as charge OnCorp Direct Inc.
Legal Fees to hire a Lawyer to draft articles of incorporation as per RECO guidelines is $450 + Tax. Therefore the total cost of incorporating a numbered Personal Real Estate Corporation in Ontario is $868.26, including taxes
Choose your Package
OnlyLetter of Opinion
- Corporation already exists
- Review of Articles of Incorporation
- Compliance of RECO guidelines
- Lawyer's Approval or Rejection issued
- Registering Articles of Incorporation
- Letter of Opinion Included
- Compliance of RECO guidelines
- Add Government Cost $360.73
Do you need a Lawyer to Incorporate PREC
No, you do not need a lawyer to incorporate a Personal Real Estate Corporation in Ontario. Any accountant can also incorporate a Personal Real Estate Corporation in Ontario, as long as the accountant is aware of the legal restrictions and regulations for PREC Ontario. You cannot use an online template to incorporate a PREC because online incorporations do not comply with the requirements of the Real Estate and Business Brokers Act, 2002 (REBBA).
If you already have incorporated a Personal Real Estate Corporation in Ontario then you would need a Lawyer’s Opinion letter confirming that your incorporation was done in accordance with the guidelines and requirements of Real Estate Council of Ontario. We charge $270 + Tax to review your articles of incorporation and issue our Letter of Opinion.
We commonly find that incorporations registered by an accountant are not compliant with the PREC Ontario Regulations, resulting in a high cost to fix the errors made by the accountant.
When do you need Lawyer's Opinion Letter
If you plan to use an accountant to incorporate your company, you would need a Lawyer’s Opinion letter to confirm to your brokerage that your incorporation is compliant with the regulations.
Most people prefer to retain a corporate lawyer from the start to avoid paying double the fees.
If you already have a Personal Real Estate Corporation in Ontario, you need a Lawyer’s Opinion Letter. If your corporate lawyer is not satisfied that your PREC is compliant with the regulations, then you would need to fix the error before the Lawyer’s Approval is issued.
Get Started Online
It will take less than two minutes to get started online. All we need is your contact information, IDs, Real Estate Council of Ontario Certificate of Registeration.