Incorporate Personal Real Estate Corporation

PREC Ontario

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.  

Personal Real Estate Corporation Ontario (PREC Ontario) RECO

Our Corporate Lawyer Services

Draft Articles

Our Lawyers will draft articles of incorporation as per RECO guidelines.

Incorporate PREC

Our Lawyers will Incorporate Personal Real Estate Corporation in Ontario.

Letter of Opinion

The lawyer's opinion letter confirming the PREC was registered as per RECO guidelines.

COMPANY INCORPORATION ONTARIO LAWYER PREC

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

Only

Letter of Opinion
$ 270 + HST
  • Corporation already exists
  • Review of Articles of Incorporation
  • Compliance of RECO guidelines
  • Lawyer's Approval or Rejection issued
  •  

COMplete

Numbered Corporation
$ 450 + HST
  • Registering Articles of Incorporation
  • Letter of Opinion Included
  • Compliance of RECO guidelines
  • Add Government Cost $360.73
  •  
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PREC Incorporate cost

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. 

Lawyer Opinion Letter Incorporating PREC Ontario

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.

PREC - RECO Guidelines

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.

 

 

Personal Real Estate Corporations - OREA

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