Real Estate Act Amendment Consultation
The Real Estate Council of Alberta (RECA) undertook a comprehensive review of the Real Estate Act in late 2012 prior to beginning consultation with a wider group of stakeholders. Some of the amendments RECA put forward in its first consultation paper (December 2012) were not ultimately put forward to the Government of Alberta as a result of feedback from industry professionals.
At a high level, the amendments RECA has put forward focus on:
- The application of the Real Estate Act to banks, treasury branches, credit unions, loan corporations, insurance companies, and their agents, when they are dealing in mortgages from other financial institutions.
- The Real Estate Act not applying to mortgage investment entities, such as MICs, syndicated mortgages and mortgage investment trusts.
- Clarifying and strengthening provisions related to conduct proceedings.
- Remodeling and simplifying the Real Estate Assurance Fund claim mechanisms and categories of loss; and,
- General items for clarification and efficiency.
For more information on the recommendations put forward by RECA, click here.
To read the Consultation Report on the Real Estate Act amendments submitted to Service Alberta, click here.
While the Government of Alberta had originally indicated the Real Estate Amendment Act would be scheduled on the legislative agenda for the Spring 2014 sitting of the Legislature, legislative priorities have since changed and it is unclear when this Act may move forward.