Tag Archives: amendment

REDMA changes, is this a big deal?

Ex-kitsie pointed out this story:

Justice Minister Susan Anton has introduced Bill 17 (Miscellaneous Amendment Act, 2014) which includes a proposed amendment to Section 23 of the Real Estate Development Marketing Act (REDMA).

Ex-kitsie explains:

This is the legislation that governs the marketing of real estate by developers to consumers. The amendment would make a purchase agreement enforceable against a purchaser where the developer’s disclosure agreement included misrepresentation of a material fact and the developer was not aware of the misrepresentation at the time the agreement was entered into. This amendment would remove the ability of the purchaser to terminate or renegotiate the agreement upon discovery of the misrepresentation. So… the developer can include unsubstantiated inaccuracies while still enforcing the purchase agreement against the purchaser who relied upon the misrepresentation. Of course, we all know developers would never lie.

We’re not sure if this is a big deal or not, here’s a link to the amendment, you’ll have to scroll down about half way to find the relevant section.  Any comments on whether this is a dramatic change to the Real Estate Development Marketing Act or just a minor adjustment?