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Ontario Real Estate Law

law book and gavel

On March 31, 2006 the Real Estate and Business Brokers Act (or more commonly referred to as the Real Estate Act) was enacted for the entirety of Ontario. From 1990 until this date, the Real Estate and Business Brokers Act was in effect, but the real estate market had changed so much over these 16 years that it was important for a new Act to be passed. The Real Estate Act is composed of eight different parts, which cover a variety of different topics such as regulations, registration, conduct, offenses, complaints for consumers, and prohibitions that may be later enacted. This Act is the presiding legal document for business brokers and the real estate industry as a whole in Ontario. The Real Estate Act was built around chapter 247 of the Real Estate Brokers Act which has been in effect since 1930, but because the rules that were included in this previous act were few and far between, this new act was proposed in order to give better clarity to the intent of this original document.

 

Because of the change in the real estate market, there were plenty of revisions over the years until 1975 came around and the new laws for education in the housing market were put into effect. From 1975 until 2000, these education laws were then further revised and were enacted as each new regulation was proposed and passed.

 

As aforementioned, the Real Estate act is broken into eight separate parts, each of which covers a different topic for the real estate market of Ontario. Part III of this Act is focused on the prohibition for any individual or company to legally act as a real estate broker until the individual has registered as a brokerage. Part IV of the Real Estate Act regulates the steps that must be complete in order for the brokerage registration to be considered and passed. Part V of the Real Estate Act covers the complaints of brokers as well as the punishments that brokers must face if the Act is violated over the course of proceedings. Part VI of the Real Estate Act is focused on the conduct and offenses that a brokerage deals with, as well as the many different rules that cannot be violated without severe disciplinary actions taking place.

 

The Ontario Real Estate Law is still revised to this day, and many different revisions will be enacted in the future as the real estate market continues to adapt.

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