Residential Real Estate as a Professional Career Course Updates – October 2015











Changed all references to ‘SREC’ and ‘ASR’ to ‘Commission’ and ‘Association’
Changed ‘practitioner’ to ‘salesperson’ or ‘registrant’ where applicable
Updated all applicable forms throughout
Changed the name of the ‘Exclusive Seller’s Brokerage Contract’ to ‘Seller’s MLS® Brokerage
Contract’ throughout document
Removed box with ‘NOTE’ near bottom of page 1-29 as it is no longer available in the Canadian
Encyclopedia
Updated abbreviations on page 1-35 where applicable
Changed the heading on page 2-24 from ‘Comparative Market…’ to ‘Competitive Market…’
Removed first two paragraphs from page 3-58
Removed shaded box ‘E’ at bottom of page 3-64 as it is no longer included on the form, as well
as the first paragraph on page 3-65
Changed www.mls.ca to realtor.ca on page 3-67
Starting on page 3-71, changed the wording in the first four paragraphs to:
As previously discussed in Phase 1, if you are dealing with a re-sale condominium (i.e., not a new
condominium), the buyer is not protected by The Condominium Property Act, 1993 with a ten-day
cooling off period. Instead, Schedule “C” is utilized which contains specified terms and conditions
for a contract of purchase and sale of a re-sale condominium.
Schedule “C” asks the seller to provide additional items in addition to an Estoppel Certificate as
defined by the Act. It is a request from the buyer to the seller for a specified number of days to
assess the information provided. (Unlike new project sales, the re-sale seller is not obliged to
agree to this period.)
Basically, if the buyer does not remove applicable conditions in regard to the satisfaction of the
materials provided within the time allotted, the sale collapses and the deposit is returned to the
buyer.
Remember that even though all conditions may have been removed from the contract of purchase
and sale, the buyer still has the allotted days after the receipt of the Estoppel Certificate and
additional items to accept or not accept the contract.






On page 3-76, first paragraph, removed the entire first sentence
On page 3-78, removed the first sentence under ‘Other’
Changed the reference on page 4-8 to the Clauses & Phrases manual from 2011 to 2015 as well
as throughout the rest of the manual
Added new Section 2.1 to page 4-18 (Section 2.1 applies to re-sale condominiums, whereby the
conditions set out in the attached Schedule “C” becomes part of the original contract.) and
changed old 2.1 to 2.2 on page 4-18 and 4-20
On page 4-19, middle of the page, changed the reference to page 4-42 to page 4-40
First paragraph under ‘Additional Terms’ on page 4-23, changed ‘five days’ to ‘time allotted’ and
changed ‘rescind’ to ‘not accept’



Shaded box containing ‘Terms’ on page 4-23, updated wording as per new contract (3.1 For
resale Condominiums, the terms set out in the attached Schedule “C” form part of this contract.)
On page 4-29 in the shaded ‘Insurance’ box, removed 5.3 as it is no longer part of the contract
On page 4-35 added shaded box for clause 6.6 which reads: For resale Condominiums, the Seller
warrants and agrees that on closing, the Seller shall provide to the Buyer, at the Seller’s
expense, documentation showing any material change in the Estoppel Certificate and/or
Additional Items. Any particulars disclosed in the Estoppel Certificate an Additional Items shall
be deemed to have been accepted and form part of the Contract of Purchase and Sale between
the Buyer and the Seller.
A paragraph was added below this clause which reads: For resale condominiums, the sellers
agree that at their expense, they will notify the buyer of any material change in the Estoppel
Certificate and/or additional items that have been provided to the buyer. Any particulars
disclosed in the Estoppel Certificate or additional items, form part of the contract of purchase
and sale and are deemed as accepted between the buyer and seller.






On page 4-35 in the shaded box for ‘Remedies/Disputes’ changed 7.5 to 7.6 and inserted the
following for a new 7.5: If substantial damage or change to the property occurs prior to the
Completion Date, including any material change in the Estoppel Certificate and/or Additional
Items for Condominiums, this contract shall be terminated and the deposit shall be forthwith
returned to the Buyer, unless the damage is repaired and the change remedied, or otherwise
agreed to by the Buyer and Seller in writing.
On page 4-36, added a new bullet point (second from last) which reads: if substantial change or
damage occurs to the property, or a material change to the Estoppel Certificate and/or
additional items occurs prior to Completion Date, the contract is terminated and the deposit
returned to the buyer, unless otherwise remedied or agreed to by the buyer and seller.
Changed the wording in the shaded box on page 4-44 to read: The Saskatchewan Real Estate
Commission will continue to examine the use of e-forms in the real estate industry.
Second last paragraph on page 4-55, last sentence, changed to: The buyer, pursuant to the
contract, still has the allotted days upon receipt of the Schedule “C” to accept or not accept the
information. Last paragraph changed to read: It is important that the seller be advised that the
right of the buyer to accept or not accept the contract within the allotted time (as documented
in Schedule “C”) remains in effect.
On page 6-14, the third bullet point now reads: Fix the maximum gross debt service ratio of up
to 39 percent and the maximum total debt service ratio up to 44 percent.
On page 7-3, second paragraph, and throughout, changed the year of the Environmental Act to
2010.