November 12, 2009

PROVINCE RELEASES INDEPENDENT REVIEW OF DISCLOSURE IN REAL ESTATE TRANSACTIONS


A report conducted to review current Manitoba law and practice concerning disclosure of the condition of homes during real estate transactions has been released, Finance Minister Rosann Wowchuk announced today.

“This review was initiated by the province following concerns raised with one of the homes damaged by the 1997 Red River flood which was moved under the 1997 Flood Protection Program and resold by the purchaser,” said Wowchuk. “Government has since decided to no longer sell flood-damaged homes.”

The review was conducted by John Neufeld, a real estate lawyer with Smith, Neufeld, Jodoin LLP of Steinbach. Neufeld is also a lecturer in real estate law at the law school at the University of Manitoba.

“We are taking a serious look at the review and we have asked the Manitoba Securities Commission to consult with a broad base of stakeholders on its recommendations by summer 2010 and report back on how to improve current practices for homebuyers. Manitobans who would like to provide input should contact the Manitoba Securities Commission,” added Wowchuk.

The report is available at the Manitoba Securities Commission website at
www.msc.gov.mb.ca/real_estate/.