The 30 year role of a customer having lower status than a client and someone to who fiduciary duties are not owed will be gone under the new Act.
Consumers will either be:
- Clients, or
- Self-represented parties.
If you are a doctor, there are either patients or visitors, and if you are a lawyer, there are either clients or visitors. So, for the real estate Industry, it’s now the same thing: clients and visitors. Forget all about that customer business. It was silly and no one could explain it anyways.
We will have to watch for the definition of:
- Services, and
These two matters are important and are not defined in the legislation.
Hopefully, there will be some guidance when RECO publishes the new Information Guide.
Brian Madigan LL.B., Broker