Reminder and Update - NB and NS transactions

Regulators in New Brunswick and Nova Scotia have taken a stricter stance on agents who aren’t licensed in the province being involved in mortgage transactions. As a result, there’s an increased emphasis on how transactions are handled.

In short: deals in these provinces cannot be co-brokered, they need to be handled through a simple referral. If you have a client, you can only provide name and contact info to facilitate an introduction to a licensed agent. If you’re receiving the client, the client becomes yours - you cannot be using the referring agent as an intermediary. This is true regardless of whether you’re handing off a deal within the brokerage (in the case of NB files) or to someone at a different brokerage (in the case of NS files).

Additionally, you’re not to receive a split on the file (you can, however, receive a referral fee).

If there’s any questions about this policy, please don’t hesitate to reach out to the compliance team.