News Bulletin - August 1, 2016
Updated Mandatory Forms
Education the updated Buyer Brokerage Agreement
Updates to Buyer Brokerage Agreements
Mandatory Forms for Non-Members of the Nova Scotia Association of REALTORS®
Mandatory Forms Committee Update
Updated Mandatory Forms
The Commission is pleased to release updated versions of the Buyer Brokerage Agreement and the Buyer Designated Brokerage Agreement, which are now available for use through the Commission on nsrec.ns.ca. These forms have also been provided to the NSAR for release on WebForms and in hard copy format.
The Commission has also updated the Seller Brokerage Agreement and Seller Designated Brokerage Agreement to ensure wording is consistent where appropriate.
Licensees must transition to the updated versions of the Buyer Brokerage Agreement (if voluntarily used prior to January 1), Buyer Designated Brokerage Agreement, Seller Brokerage Agreement and Seller Designated Brokerage Agreement by October 1st, 2016. After this date, all unused copies of expired forms must be discarded. The Buyer Brokerage Agreement is mandated for use by common law licensees as of January 1st, 2017.
To ensure you are using the updated forms, check the published date in the upper right-hand corner. The updated forms read 16/06/2016.
Education the updated Buyer Brokerage Agreement
The Commission will be providing mandatory information sessions in communities across the province to common law licensees this upcoming fall, free of charge. These seminars will focus directly on using the new Buyer Brokerage Agreement and will be available to licensees up to December 2016.
If you do not attend any of the organised information sessions, you will be required to complete the regularly scheduled Common Law Agency course by February 12th, 2017, at full cost. As of January 1, 2017, this course will be updated to include information on the revised Buyer Brokerage Agreement. Failure to complete either the free information session or the Common Law Agency course by February 12, 2017, will result in your licence being suspended until the requirement is confirmed completed.
Common law licensees who practice solely in commercial real estate (zero residential trades) will not be required to attend an information session. Instead, as of January 1, 2017, these licensees are required to include certain terminology in their tenancy/buyer agreements, including, but not limited to:
- expiry date;
- disclosure of remuneration information; and
- outline of the obligations and promises owed between the client and brokerage.
More information on dates and locations of these information sessions will be provided to the industry in the coming weeks. STAY TUNED!
Updates to Buyer Brokerage Agreements
What are the key updates to the Buyer Brokerage Agreement and the Buyer Designated Brokerage Agreement?
Download our review of the critical changes
Mandatory Forms for Non-Members of the Nova Scotia Association of REALTORS®
The Commission has also released generic versions of the Buyer Brokerage Agreement, the Buyer Designated Brokerage Agreement, the Seller Brokerage Agreement and the Seller Designated Brokerage Agreement for use by brokerages that are not members of the NSAR.
Mandatory Forms Committee Update
The Commission's mandatory forms committee has been working diligently to produce the next round of updated forms for a fall release. They include:
- Form 112: Seller/Customer Acknowledgement & Fee Agreement
- Form 203: Mere Posting Service Agreement
- Form 222: Amendment to a Service Agreement (NEW)
- Form 223: Assignment of Brokerage Agreement
- Form 224: Temporary Withdrawal or Termination of a Service Agreement (NEW)
The committee is currently working on the Transaction Brokerage Agreement with an anticipated release in Spring 2017.
