Bob Aaron email@example.com
January 21, 2006
Act brings major changes to real estate industry
Major changes will take place in the Ontario real estate industry when the Real Estate and Business Brokers Act 2002 (REBBA 2002) finally comes into force on March 31.
Here are some major changes that will impact the public and industry stakeholders:
Another exemption relates to lawyers and a slight change has been enacted to our exemption from registration. Under REBBA 2002, lawyers will not be required to register as real estate agents “where the trade in real estate is itself a legal service or is incidental to and directly arising out of the legal services.”
Under the old legislation, lawyers were exempt where the trade in real estate was made “in the course of and as a part of the solicitor’s practice.”
The change in wording will not affect the rapid growth of Lawyer Web Property Shop (http://www.propertyshop.ca), an affiliation of real estate lawyers outside of Toronto organized by Mike Forcier of Owen Sound. The Property Shop concept enables lawyers to help clients market and sell their own properties at fixed fees or hourly rates that may be significantly cheaper than alternate sale options.
Bob Aaron is a Toronto real estate lawyer. He can be reached by email at firstname.lastname@example.org, phone 416-364-9366 or fax 416-364-3818.