Real Estate Services Act
As of January 1, 2022, the Real Estate Services Act (RESA) and Real Estate Services Regulation (RESR) provide new regulation for Manitoba’s real estate industry, replacing the Real Estate Brokers Act.
Key Elements of RESA:
1. All agents must have a signed service agreement with their clients when showing property and advising on real estate.
2. Allows for e-signatures in signing real estate documents.
What is a service agreement?
A service agreement details the real estate services your REALTOR® has agreed to provide to you on behalf of their brokerage within a specific timeframe.
Why has the service agreement been introduced?
The purpose of a service agreement is to set out the service obligations of your REALTOR®, the timeframe in which the services are to be provided, and how their brokerage will be paid for those services.
Things to know:
- This legislation requires Realtors® to have a signed service agreement before showing property and advising on real estate.
- The service agreement specifies (a) the services to be provided, (b) any rights to terminate the service agreement before it expires, and (c) the manner in which their brokerage is to be paid.
- Service agreements are not intended to impose obligations on you that you do not agree to.
Service agreements by default do not contain obligations to work exclusively with a particular brokerage or Realtor®, or to pay the brokerage regardless of whether you use their services in a transaction or not. Be sure to read the service agreement thoroughly and ask questions before you sign it, so that you understand what the obligations are.
See more about the RESA at www.promisesonpaper.ca produced by the Manitoba Real Estate Association.
To read the Act and Regulations, visit the official Manitoba Law pages:
Understanding the Real Estate Service Act (RESA)
The new Act and accompanying regulation was designed to:
- modernize the regulations, allowing for e-signatures/e-storage of documents.
- improve industry standards and accountability by using service agreements so the public is clear on what service they will be receiving.
- enhance consumer protections, allows the Commission to assess monetary penalties, and take action against unregistered persons
RESA also includes enhanced public protection elements for consumers, including the ability for the Registrar to assess penalties against registrants for misconduct, and other new powers to take action against persons carrying on unregistered activity.
If you have questions on the new Act and regulations contact:
The Manitoba Securities Commission Real Estate Division
500-400 St. Mary Ave.
Winnipeg, MB R3C 4K5
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