Homebuyers still cautious in signing mandatory agreements

Get it in writing – that's now the industry standard governing the relationship between buyers and their real estate professionals.

Yet while buyer's agreements have been a regulatory requirement since July 1, 2015, many buyers are still taken aback when presented with what are considered to be legally binding contracts, and often reluctant to sign even though these agreements are beneficial for consumers and the industry alike, said Charles Stevenson, director of professional standards at the Real Estate Council of Alberta (RECA).

Mandatory agreements coming to real estate transactions in Alberta

The process of buying or selling a home in Alberta will soon change as a result of new rules instituting mandatory written service agreements between consumers and real estate professionals.

The agreements, which take effect July 1, have long been a standard in the industry. The move by Alberta
real estate's governing body to make them mandatory comes from the desire to increase clarity and protection
for consumers, said Kevin Clark, chair of the Real Estate Council of Alberta (RECA).