Duties and Liabilities of Ontario Real Estate Professionals
ebook ∣ Volume 1
By LexisNexis Editorial
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An understanding of the duties and liabilities of the professional advisor in a real estate transaction has assumed increasing importance in recent years. In the case of solicitors, actions alleging breach of fiduciary duty or negligence are occurring with greater frequency and insurance costs are rising correspondingly. Heightened scrutiny of standards of competence and integrity by the Law Society of Ontario, more specialization and an increased emphasis on the importance of continuing education, all emphasize this trend. Similarly, with the enactment of a new Trust in Real Estate Services Act, 2020, S.O. 2020, c. 1, higher standards of expertise, professionalism and loyalty to the principal and much more disclosure are now expected of real estate brokers and salespersons. The strong real estate market of recent years, with its concomitant growth in commissions, has led to increased competition and savvy consumers who are willing to explore other ways of buying and selling their homes.
It is incumbent upon real estate professionals to learn to cope in this environment of enhanced public awareness and magnified expectations, to understand what is required of them, and to learn how to avoid the pitfalls that can trap the unwary. The purpose of the commentary in this division is to assist these professionals to realize these often-onerous goals.