How to remain compliant in a rapid changing industry

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by Joe Rosengarten 

As well as providing Canadian REALTORS® with a hub to connect all the aspects of their real estate transactions, The Canadian Real Estate Association’s (CREA) latest version of CREA WEBForms® helps REALTORS® in what could be the most important aspect of their operations: remaining compliant.

“All of the necessary real estate forms and documents are available within CREA WEBForms®, and they are always the latest and most up-to-date,” says Patrick Pichette, Vice President of Marketing and Information Technology at CREA.

“Some other services offer agents a package with all of the forms, but if one of those forms is updated by regulators the agent would be immediately out of date. Some change every year, some change multiple times a year, so it is an important consideration. If a REALTOR® uses a form that is no longer valid and they could be in a position where they are vulnerable to be liable.”

Knowing they’re definitely using the latest legal documents and are fully compliant gives REALTORS® a much needed sense of security. It enables them to concentrate on the things that matter: like building relationships and helping clients. Litigation has the potential to be catastrophic from both a financial and reputational perspective, so ensuring they are compliant and using all of the correct legal paperwork should be a top priority for all REALTORS®.

“Some of our competitors have contracts with certain boards or associations, so they have a piece of the puzzle when it comes to forms, but we have access to the every document associated with any part of the market and every area in the country,” Pichette says. “Any of our members who use CREA WEBForms® are assured that any form they use is the latest and greatest.”

As well as helping REALTORS® to remain compliant, CREA WEBForms® also links to the REALTOR®’s board or association’s MLS® System and automatically populates important information, which saves time and eliminates the possibility of errors. It also enables REALTORS® to create template kits using commonly-used forms and clauses. These templates allow REALTORS® to create a complete transaction kit quickly and efficiently.

“Another important thing to remember is that  CREA WEBForms® is provided to all of our members at no additional cost,” Pichette says. “Our members pay annual dues and this is one of the benefits they receive.”