How it is likely to affect Realtors and the sales process
The Ontario assembly is processing a Government Bill that will regulate the home Inspection Profession. This process will provide a similar regulatory authority to the Real-Estate profession. Certain key items will be in the regulations that we believe may affect the current process Real Estate Professionals deal with both the Client and the Home Inspection process.
1. Requirement to refer a qualified professional.
Once licensing if the Home Inspection Professional is in force, any Home Inspector referred by a Realtor must have a License to practice. Referring an unlicensed Home Inspector could expose the Realtor to liability.
2. Inspection or Home Inspection?
It is important in the agreement of Sale and Purchase that a distinction is made between a condition requiring an Inspection of the property and a Home Inspection of the property. Only a Licensed Home Inspector will be able to carry out the latter.
3. Waiver or Fulfillment?
It is recognised that some Realtors see waiver and fulfillment as similar options in handling a Home Inspection option. In future a distinction must be made between the two. In a Home is conditional on a Home Inspection and it is performed by Uncle Bob as a favour, then the condition must be waived and not marked as fulfilled. Unless Uncle Bob is a Licensed Home Inspector he will not be able to fulfill the condition of providing a Home Inspection.
OntarioACHI will continue to work with RECO and OREA during the transition process. More information on the changes as they are identified can be found here