News Bulletin - March 23, 2023
2023 Nominees for Election
Reminder - Form 408: Buyer Waiver of Conditions
2023 Nominees for Election
The Commission would like to thank the three licensees who put their name forward for the 2023 election for a seat on the Board of Directors:
- Joanne Bouley, managing associate broker with Re/Max Fairlane Realty
- Colin Castle, salesperson with Hants Realty Limited
- David Langstroth, associate broker with Exit Realty Metro
The Commission's mission statement is to protect the public interest through effective regulation that promotes professionalism, ethical conduct, and integrity, which strengthens consumer trust and confidence in the real estate profession. All board members, regardless of how they were nominated to the board, must always place the interests of the Commission and its mandate of protecting the public interest ahead of all other interests.
The election will be held online, opening on Tuesday, April 18th at 9am and closing on Thursday, April 20th at 4pm. The successful candidate will be announced at the AGM on April 21st. View nominee information, including their experience and bios HERE.
Reminder - Form 408: Buyer Waiver of Conditions
Reminder to licensees that the Commission has a page on the website of resources about Form 408: Buyer Waiver of Conditions. Click HERE to access all the information, including the educational video, frequently asked questions an an example of how to complete Form 408.
Important reminders about Form 408
At a minimum, when completing Form 408, you must identify the form and/or schedule and the section. (Example: "Form 400, clause 4.1.") As best practice, you should also specify the exact condition. (Example: "financing, property inspection.") It is not compliant to use vague language such as "all conditions are waived."
The Commission's standard wording of the lawyer review, title investigation, estoppel certificate conditions do not require Form 408. For these clauses, if the buyer is dissatisfied it is still required to provide written notice of dissatisfaction by the deadline specified in the clause.
If Form 408 is not provided to the seller or seller’s agent before the condition deadline, the agreement is deemed terminated. “No news means you lose.” If the agreement is terminated but both parties wish to proceed, the buyer can submit a new offer. Parties in this situation need to be referred to their legal counsel.
If a buyer needs an extension for one or more conditions that require Form 408, they must propose an amendment and obtain the seller's acceptance prior to the expiration of the original condition due date. If the seller does not responded to the amendment before the due date agreeing to the new terms, the new terms cannot take effect. All terms and conditions in the agreement shall remain in full force and effect. When preparing amendments, caution should be exercised to ensure that amendment deadlines do not coincide with buyer’s condition deadlines. If a proposed amendment is not accepted or is ignored by the seller, the buyer needs sufficient time to decide if they want to proceed with the transaction, which would include submitting Form 408 for the clause they intended to extend before the due date. Otherwise the transaction is deemed terminated.
If Form 408 is not received before the deadline, it is deemed terminated. If there is a deposit, it shall be returned to the buyer subject to the applicable NSREC By-laws, which requires written mutual consent from both parties. This can be done using Form 440: Termination of Agreement of Purchase and Sale and Release of Deposit. If there is no deposit, a termination form is not required.
