Hear from Real Estate Law Firm in Mississauga about New Regulations for condo management

2018 has been filled with surprises so far, with many new rules and regulations getting implemented in the beginning of this year. Apart from tax changes in private corporate sector, significant changes have been proposed in real estate legal sector. We’re talking about the Condo Management Services Act which will come into effect from February 1st, 2018. New provisions of this act will be implemented on the said date which includes some key law changes to Ontario condo industry. This law attempts to completely eradicate the present discrepancies in the management of condominiums. These changes pertain to condo managers. The real estate law firm in Mississauga, NDM Law, hereby explains the New Code of Ethics under Regulation 3/18.

Code of Ethics

The New Code of Ethics, under Regulation 3/18 of the Condo Management Services Act is the final adopted version of draft Code of Ethics proposed in September 2017. Key points included in Code of Ethics are:

• Managers shall be fair and honest while providing their services and shall treat every person with equality and integrity. They must deal with people without any discrimination and must provide reasonable accommodations for persons with disabilities.
• Managers must not indulge in fraudulent or unethical practice and must do what’s in their capacity to avoid error, misrepresentation, fraudulent or unethical practices. That includes misrepresentation of type, class, and conditions of their license.
• Managers shouldn’t provide any opinion or advice beyond their area of expertise or capacity.
• Mandatory use of current forms and documents with proper maintenance of past records.
• Managers shall be responsible financially for providing condo management services.
• Shall not indulge in unlawful, dishonorable, unethical, or unprofessional practices barred for a licensee.
• They shall not misrepresent or exaggerate facts related to condo units and present them as it is to the occupants.
• Occupants must be informed of all the managerial steps being taken by them from time to time.
• They shall not disclose confidential information related to clients to any third party.
• They shall work in the best interest of the occupants.

These are just the key points. Know about the complete obligations of New Code of Ethics along with the Disciplinary Committee changes, Complaints Procedure, and Insurance Regulations, contact NDM Law’s best Real Estate Law Firm in Mississauga. They’ll provide appropriate guidance in legal matters pertaining to real estate sector in Mississauga and entire GTA.