What you should know about buying a home in Winnipeg or rural Manitoba Service Agreement March 24,2022

What you should know about buying a home in Winnipeg or rural Manitoba Service Agreement:

Real Estate Rules in Manitoba to change effective Jan. 1. WINNIPEG – The Manitoba Securities Commission (MSC) is notifying Manitoba homebuyers and sellers of important new real estate legislation, which will officially come into effect on Saturday, Jan. 1, 2022. The Real Estate Services Act (RESA) will introduce a new regulatory framework for the province’s real estate industry, providing consumers with enhanced protections while modernizing and streamlining business for industry professionals. MSC’s Real Estate Division, in consultation with industry groups, drafted this new legislation to better protect the Manitoba public while strengthening the regulation of real estate brokers, salespeople and property managers in our province. “We are very pleased with the measures and approaches outlined in the new Act,” says Keith Schinkel, Registrar, MSC, “For many people, a home is the largest single purchase they will ever make in their lives. Therefore, protection of the public is paramount—ensuring that buyers and sellers have their best interests protected first and foremost was our central focus in developing this legislation.” RESA’s enhanced public protection elements include Commission powers to; • assess monetary penalties up to $500,000 against registrants for misconduct; • take action against persons carrying on unregistered activity, via; • cease and desist orders • payment of investigation and/or hearing costs, • monetary penalties • increase the amount of surety bonding a registrant must maintain. The new legislation also introduces the requirement that brokerages enter into written service agreements with homebuyers and sellers before providing real estate services to them. The service agreement sets out what services the brokerage will provide and ensures that all parties are fully aware of what they should expect when working together. RESA will also allow for electronic agreements, including offers to purchase and digital signatures for the first time. “There’s been a major shift in service expectations and the role technology plays in so many industries, and real estate is no different,” says Schinkel. “It’s been a long-time coming, and we think the industry and consumers will really see a positive difference.” Comprehensive information on the Real Estate Services Act can be found at www.mbrealestate.ca/resa-2022.html and the Manitoba Law website. Questions on the new Act and regulations from homebuyers and sellers, or industry professionals can be directed to: realestate@gov.mb.ca The Manitoba Securities Commission is a division of the Manitoba Financial Services Agency, a Special Operating Agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province.