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.

What is Considered Trading in Real Estate?

February 13, 2017

What is Considered Trading in Real Estate?

Your real estate licence authorizes you to trade in real estate in Nova Scotia as it is defined in the Real Estate Trading Act.

Simply put, trading in real estate is acting on behalf of a consumer to buy or sell real property, which includes land and any dwellings attached to or included with the land, such as houses, apartment buildings, condominiums, commercial space and mobile homes. Trading also includes commercial leasing and commercial property management.

DID YOU KNOW: An electronic signature date stamp replaces the ‘Dated’ line

February 7, 2017

DID YOU KNOW: An electronic signature date stamp replaces the ‘Dated’ line

When a consumer completes a brokerage agreement, service contract or purchase agreement with software to secure an electronic signature, and the signature field includes a date stamp, there is no requirement to fill in the ‘Dated’ line in the final section of the form.

For example, a signature provided by dotloop identifies the date and time the signature was placed on the form, as seen below.

 

February 2017 Bylaw Amendments

February 1, 2017

February 2017 Bylaw Amendments

The Commission Board of Directors have approved a number of bylaw revisions to (1) introduce online voting in place of paper and proxy voting for the 2017 Annual General Meeting, and (2) to enhance the compliance recourse when licensees do not comply with the Commission during investigations or audits.

View the Bylaw here.

 

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