The province is looking for a new real estate regulator. In fact, the Alberta government is primed to fire all board members who regulate the real estate industry provincially, citing dysfunction and infighting. The province is disbanding the board and appointing an interim administrator until a new board is formed. The minister responsible for Service Alberta said the Real Estate Council of Alberta (RECA) is rife with problems that have gone on for too long without possible solutions.
RECA was on the receiving end of an independent audit commissioned by the provincial government earlier in the year. Findings showed that the board had too great a focus on internal and administrative matters. The audit also concluded that the board hasn't been holding regular meetings and that little thought has been given to spending.
The Service Alberta Minister said RECA failed to provide effective governance over the real estate industry. Albertans' trust, he added, needs to be restored in the real estate regulator. Indeed, the audit suggested that the board in its current format is failing in its attempt to be an effective governing body, suggesting dismantling it and starting with a clean slate.
There are many laws that govern the real estate industry in Alberta. It is crucial that Albertans have faith in that body. When residents have questions regarding the laws surrounding real estate ventures, seeking the advice of a lawyer is prudent. A lawyer will always have his or her clients' backs when it comes to complex contractual agreements like those involved in real estate deals.