COVID-19 Update & Reminder: New Federal Statutory Holiday
COVID-19 Update: August 25, 2021
On August 23rd, the Nova Scotia government announced changes to the border policy.
New Federal Holiday & Call for Public Representation for the NSAA Governing Council
New Federal Statutory Holiday: National Day for Truth and Reconciliation
The Government of Canada has announced a new federal statutory holiday to recognize and commemorate the legacy of residential schools called the National Day for Truth and Reconciliation.
Course Requirements for Licensees Coming From Other Provinces & COVID-19
Course Requirements for Licensees Coming From Other Provinces
The timing of course requirements for licensees coming from other provinces has changed. Previously, licensees who were coming from other provinces were issued a licence and had six weeks to complete two home study courses, an agency course and a forms course. Due to the number of licensees who did not complete their course requirements within the time allotted, out of province licensees are now required to complete these courses prior to being issued a licence.
Escalation Clauses
Escalation Clauses Do Not Comply With the Act
This is a reminder to the industry that the use of escalation clauses in an Agreement of Purchase and Sale (APS) violates Section 30 (d) of the Real Estate Trading Act, therefore licensees cannot use them when preparing offers. An escalation clause is a formula used in place of or in addition to an actual purchase price, i.e. $X amount over the highest price offered in competing APSs. Recording a purchase price in an APS and then adding an escalation clause in an addendum or schedule does not comply.
COVID-19, Commission Updates & Ministerial Directive Extended
COVID-19 & Commission Updates
Effective Wednesday, June 30th, Nova Scotia will enter phase 3 of the provincial government's reopening plan. Licensees and consumers must continue to follow all public health measures, including gathering limits.
