Release:
Changes to real-estate legislation will help ensure Nova Scotians are protected when they buy or sell a home.
Amendments to the Real Estate Trading Act introduced today, May 5, clarify that real estate agents must provide details of their fees in writing before clients sign an agreement.
They will strengthen complaint and investigation procedures, and allow the Nova Scotia Real Estate Commission, which regulates the industry, to better oversee the many different types of fee arrangements cropping up in the industry.
The amendments also allow real estate agents to incorporate individual businesses. This business decision will benefit agents, but will not change the professional standards enforced by the commission.
"These changes are a great example of government and industry working together to strengthen consumer protection," said Service Nova Scotia and Municipal Relations Minister John MacDonell. "The commission asked for these changes to offer better regulation and protection for Nova Scotians."
The Nova Scotia Real Estate Commission has been the regulator for real estate agents in the province since 1997.
Last year, Nova Scotians bought and sold more than 10,000 homes.
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