News Bulletin - April 13, 2021

Annual Report Available
Reviewing of Offers (Including Pre-Emptive Offers)
Board of Directors Election
Reminder: Appointments
Reminder: Notary Requirements

Annual Report Available

The 2020 Annual Report is now available on the Commission's website. View it HERE.

Reviewing of Offers (Including Pre-Emptive Offers)

When listing a property, a seller may instruct their licensee to require all offers to be left open until a set date. The seller can specify that those offers not be delivered until a set date with the intention of reviewing all offers at once or that offers can be delivered at any time, but must be left open until that set date. Record the seller’s instructions in the Seller Brokerage Agreement/ Seller Designated Brokerage Agreement.

A pre-emptive offer (also known as “bully offer”) is an offer that expires prior to the date specified by the seller. Regardless of the date set by the seller, the seller can choose to review the pre-emptive offer and accept, reject, counter, or not respond.

Likewise, the seller can, at any time, accept, reject, or counter any other offer received.

The seller’s licensee is to ensure their client’s interests are protected and to advise them of the possible implications when considering acceptance of any offer prior to the date set by the seller. If there is a lot of interest, it may be best for the seller to wait until that set date.

If a seller receives a pre-emptive offer, they are not obligated to wait to have showings and additional offers. The seller can decide how and when they want to receive offers. If a seller wants to review a pre-emptive offer, they can direct their licensee to amend the Brokerage Agreement to include pre-emptive offers.

There is nothing restricting the buyer’s licensee from submitting a pre-emptive offer on behalf of their client; however the buyer’s licensee is to ensure their client’s interests are protected. Buyers must be aware that a seller can decide to ignore any offer, including a pre-emptive offer, that is submitted for their property. Further, a buyer who submits a pre-emptive offer may provoke a negative reaction from the seller because it does not follow the seller's offer instructions.

The Commission By-law outlines the obligations that licensees are required to fulfill as part of their agency relationship with either a buyer or a seller, including: promoting the interests of their client, obeying all lawful instructions, assisting in negotiating favourable terms and conditions, and presenting all offers or counter-offers in a timely manner.

Board of Directors Election

The election for a seat on the Board of Directors will be held online, opening on Monday, April 19th at 9am and closing on Wednesday, April 21st at 4pm. Ballots will be sent by email.

The Commission has four nominees for election for a seat on the Board of Directors:

Taqi Hashmi, Better Homes and Gardens Real Estate Atlantic
Logan Morse, Royal LePage Atlantic
Gary Mailman, Exit Realty Inter Lake
Kimia Nejat, Exit Realty Metro

View their experience, bios, and nominee videos HERE.

Reminder: Appointments

Reminder that licensees and members of the public require an appointment to visit the Commission office, as well as a completed COVID-19 declaration for the safety of staff and the public.

If you need to visit the Commission office, click HERE to contact us.

Reminder: Notary Requirements

Reminder that licensing applications are required to be notarized before they will be processed.

Applications can be notarized by:

• Practicing lawyers
• Some provincial or municipal government employees, including court staff
• Some police officers (officers, municipal chiefs of police)
• Funeral directors
• Commissionaires Nova Scotia
• Officers in the Canadian Armed Forced
• Band council members
• Members of the Nova Scotia legislature
• Nova Scotia Real Estate Commission office (by appointment only)