RESA – What is it and what you need to know
RESA is an acronym for The Real Estates Services Act. RESA will replace the current The Real Estate Brokers Act on January 1, 2022. Similar to The Real Estate Brokers Act, RESA will be accompanied by Regulation, the proposed draft Regulation has been made available for public consultation as of June 9, 2021.
As a real estate solicitor, what do you need to know about RESA?
Similar to The Real Estate Brokers Act, RESA will include registration, exemption, educational and bonding requirements for brokerages and individuals and, rules respecting the trading in real estate.
Under RESA the definition of “real estate services” includes “trading services” and “private sale services”; pursuant to section 3 of RESA a person must not provide real estate services unless registered accordingly or exempted by the legislation. Importantly a “lawyer” who acts in the course of and as part of the practice of law is exempted.
As real estate solicitor, what do you need to know about the proposed draft Regulation to RESA?
The proposed draft Regulation to RESA, contains the proposed prescribed form of Offer to Purchase for single family residential houses and condominiums; importantly the forms of Offer to Purchase accompanying the draft Regulation are perhaps identical (including the rather archaic reference to TV antennas) to the current prescribed forms of Offer to Purchase used in Manitoba. That said, my sources tell me that a committee has been struck to create new forms of Offer to Purchase and real estate solicitors should expect new forms of Offer to Purchase to accompany RESA in the near future; whether or not those new forms will accompany RESA on January 1, 2022 is unknown at this time.
Notwithstanding the presence of the proposed form of Offer to Purchase being the form that we are accustom to, the proposed draft Regulation does provide for electronic execution, namely an agreement prescribed may be executed by signing the agreement or executing it in accordance with Part 3 of The Electronic Commerce and Information Act.
RESA, new rules, same exemption, “old” forms.