News Bulletin - March 18, 2016
Buyer Brokerage Agreements for Common Law Brokerages are Now Mandatory
March 2016 Discipline Newsletter
We're Listening: Buyer brokerage agreements for common law brokerages now mandatory as of January 1, 2017
In January, we announced a Board of Directors decision to make buyer brokerage agreements mandatory for common law brokerages as of July 1, 2016.
In the process of reviewing the Buyer Brokerage Agreement and the Buyer Designated Brokerage Agreement, five focus groups have been held across the province with licensees from common law and designated agency brokerages, as well as consumers. In reviewing the feedback from those focus groups, we have heard loud and clear that licensees want educational support and more time to review, discuss, and receive answers to their questions about the revised forms.
Buyer brokerage agreements capture the roles, responsibilities and obligations of both the buyer and the brokerage, ensuring the parties are on the same page. We understand the importance of providing licensees with the knowledge and skills to comfortably discuss and execute these contracts with consumers. A brokerage with clear written instruction and a well-informed buyer reduces the potential for conflicts and confusion and enhances consumer protection.
In response, Commissioners are providing the industry with more time. Buyer Brokerage Agreements for common law brokerages will now be mandatory as of January 1, 2017.
The revised Buyer Brokerage Agreement and Buyer Designated Brokerage Agreement, as well as more information on educational initiatives regarding these forms, will be communicated to the industry in the coming months.
New Discipline Newsletter Released - March 2016
The Commission has released our latest Discipline Newsletter. Disciplinary decisions are communicated to licensees in accordance with Commission Bylaw 839. View the Bylaw here.
Read the Discipline Newsletter here.