Regulations to accompany amendments made to the Real Estate Trading Act in November 2019 will come into effect on September 1, 2020. The legislative changes benefit both consumers and real estate professionals in Newfoundland and Labrador and are more aligned with the current real estate environment.
In addition to the changes to the Act announced last fall that also come into effect September 1, the changes specific to the regulations are as follows:
- Provision of details on mandatory carrying of errors and omissions liability insurance by a licensee;
- Direction on specific exams to be used to determine licensing under the Act;
- Facilitation of electronic deposits into a trust account;
- Addition of further regulatory details on trust accounts and their administration;
- Establishment of a regulatory framework for the Real Estate Recovery Fund introduced in the new Act;
- Provision of details on hearings as authorized under section 36 of the Act and for the adjudication of trust deposit disputes;
- Provision of details on the administrative penalties where a licensee contravenes the Act or regulations; and,
- Provision for the publication of superintendent orders.
The amendments address concerns raised by both industry and consumers, and also modernize the legislation to reflect today’s real estate conditions.
Quotes
“The purchase or sale of a home is a significant transaction in our lives and it is important that our legislation offers the best protection possible. The updated legislation is a culmination of hard work by both industry and government professionals, and it will go far in protecting consumers in our province.”
Honourable Sarah Stoodley
Minister of Digital Government and Service NL
“Newfoundlanders and Labradorians now have the most modern real estate law in Canada, built on the best practices across the country. It protects consumers and strengthens an important part of the provincial economy.”
Bill Stirling
CEO, Newfoundland and Labrador Association of REALTORS®
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Learn more
Bill 13 – Real Estate Trading Act 2019
Amendments Aim to Improve Province’s Real Estate Environment
Results of Real Estate Trading Act Consultation Available Online
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Media contacts
Krista Dalton
Service NL
729-4748, 685-6492
kristadalton@gov.nl.ca
Edward Hollett
Newfoundland and Labrador Association of REALTORS®
709-726-5110, ext. 108
ehollett@nlar.ca