Buyer Brokerage Agreements Mandatory January 1, 2017

Buyer Brokerage Agreements Mandatory January 1, 2017

Starting January 1, 2017, the Nova Scotia Real Estate Commission will require all brokerages to sign a brokerage agreement with buyers who agree to be clients of their brokerage. This move is aimed at enhancing consumer protection by improving transparency between the brokerage and buyer by clearly outlining expectations at the time they agree to work together.

 

Buying your first home takes more than a bit of luck

March 17, 2017

Buying your first home takes more than a bit of luck

Becoming a first time home owner is the result of making one of the largest financial transactions in your life and embarking on the exciting, though sometimes stressful and intimidating process of finding the right home for you. As a first-time home buyer, instead of simply hoping to stumble upon your very own pot of gold, it is best to prepare yourself as much as possible for this new chapter in your life.

What to do when you recieve an erroneous offer

March 13, 2017

What to do when you recieve an erroneous offer

Licensees know that selling property can be stressful on homeowners. After all, they are not just selling their property, but their home. Situations where there are short deadlines or competing offers may add stress to the matter, but it is crucial that the licensee continues to cross their t’s and dot their i’s.

What happens if you are representing a seller and you receive an offer on their property that is incorrectly completed? 

Co-Listing a Property

March 3, 2017

Co-Listing a Property

There are times when a seller may ask to co-list a property with another brokerage. This could be in hopes of greater exposure, or for assurance that they will have support should they want to work with a smaller brokerage who may not have the means to cover when licensees are out of town.

When co-listing a property, there are small but important differences to the paperwork requirements. Those requirements depend on which brokerages are co-listing the property and what their agency models are.

How to Treat Excess Deposits

February 22, 2017

How to Treat Excess Deposits

Occasionally, there are cases where the deposit provided by the buyer is greater than the real estate remuneration (i.e. commission fee) to be paid. In these cases, before the excess deposit funds are refunded to the seller's lawyer, all parties must agree in writing to do so.

Deposits are kept ‘in trust’, meaning in either the brokerage’s or the lawyer’s trust account. These funds are heavily regulated to keep funds in them safe.

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The Nova Scotia Real Estate
Commission
is the regulator of the
Nova Scotia real estate industry.

Contact Us

Nova Scotia Real Estate Commission

601-1595 Bedford Highway
Bedford, NS
B4A 3Y4

p: 1.902.468.3511 or
1.800.390.1015

f:  1.902.468.1016 or
1.800.390.1016

e: For licensing information
licensing@nsrec.ns.ca
For complaints
compliance@nsrec.ns.ca