RECA Implements Protection for Homebuyers
Tuesday, October 14th, 2014The Real Estate Commission of Alberta (RECA) has introduced a new document into the arsenal of Alberta real estate agents. The ‘Written Service Agreement’ acts equally to protect buyers and agents alike as they enter into their business relationship. A similar representation form already exists to protect sellers, but this new contract will now work on the part of the buyers and not just those listing homes.
Greg Steele, president of the Realtors Association of Edmonton, explained the new implementation in a CTV interview with Daryl McIntyre. The interview is posted here on the CTV website. Steele explains the decision by RECA to implement this non-voluntary document in an effort to protect all parties involved in real estate transactions. As a means of addressing previous issues with ambiguity and questions about transactions and provided services, RECA created the Written Service Agreement to clarify the process.
Greg Steele explains the new Written Service Agreement to the public. Image Credit: CTV news
Explained Steele in the interview,
“It outlines whos’s representing who, for what services, what fees you are going to get for that service, where you’re going to look, how long you’re going to look. It’s pretty simple.”
It is important to note, this implementation in no way affects changes to commission or other service fees it only serves to regulate existing structures. The form has recently been introduced, but won’t become mandatory until July 1 of 2015, at which point all clients and agents will required documentation to enter into a relationship. Steele also explained that there is no minimum or maximum time limit on the form, indicating the services could be for as little as one day, or over multiple years.
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