The provincial government has started consultations on the Real Estate Trading Act, a piece of legislation that has had only minor amendments since being adopted in 1965.
The goal is to ensure the act is working for the industry, homebuyers and sellers by looking at issues such as trust deposits, conflict of interest, and licensing requirements.
Bill Stirling, CEO of the Newfoundland and Labrador Association of Realtors, says he’s looking forward to hearing thoughts on the industry.
“For most families, buying a house is the single largest purchase they will make, and it’s important that we have modern, effective legislation to provide them the protection they deserve,” Stirling stated in a new release.
The province completed a similar review in 2012, however no changes were made at that time.
While government officials will meet with stakeholder groups, a questionnaire is available at engagenl.ca and feedback can be submitted via email to email@example.com or by mailing it to Financial Services Regulation Division, Service NL, 100 Prince Phillip Drive, P.O. Box 8700, St. John’s, NL, A1B 4J6.
The consultation period closes March 2, 2018.