Status Inspection & Design ®

Correspondence with FCNB *

* New Brunswick Financial and Consumer Services Commission

Chuk's message to FCNB    4/26/21, 1:22 PM

I am concerned with a rapidly growing trend whereby Sellers are refusing to accept offers conditional on a Home Inspection. In short, Sellers (and possibly Realtors / Agents) are removing the Buyer's protection even though the Sellers are signing Property Disclosure Statements that state that it is the Buyer's responsibility to very the accuracy of the information provided and that the Buyer can use a third party to do so.

FCNB response    4/27/21, 3:45 PM

Hi Chuk, Thank you for contacting us. FCNB is responsible for the administration and enforcement of real estate - we co-regulate this sector with the New Brunswick Real Estate Association (NBREA). New Brunswick is experiencing a strong sellers market. In response to this market change we have developed a guide to the best practices for navigating multiple offers for both buyers & sellers (https://bit.ly/3aL0DIV) and realtors (https://bit.ly/3gMzAAO). If you are concerned about specific real estate transaction we would encourage you to contact our office (1-866-933-2222) and the NBREA.


Chuk's message to FCNB    4/28/21, 9:21 AM

Thanks for the response but the fact is a Seller should NEVER be able to remove the Inspection Clause from the Offer as it is the inspection that protects the Buyer's investment. NOTE The Inspection Clause requires the inspection to be completed within a certain number of days after the final acceptance of the offer and keeps the offer in play. The home / house inspection is NOT the same as a closing inspection that is usually done on or just before the day that the keys change hands / the deal is completed and is done by the Buyer to ensure that the property has not changed in condition since the offer was made.


Chuk's message to FCNB    5/5/21, 7:25 AM

I am waiting for your response.

FCNB response    5/5/21, 9:31 AM

Hi Chuk, We appreciate your brining this consumer issue to our attention. To clarify, the real estate industry is co-regulated by FCNB and the New Brunswick Real Estate Association (NBREA). FCNB has the authority over the licensing suitability of real estate agents and their trust account administration. The NBREA is responsible for the education and discipline of its members respecting their Code of Ethics and Standards of Business Practices, as well as the content of the Purchase and Sale Agreement. The concerns you have would be better directed to the NBREA. As a co-regulator concerned with consumer protection, we will be sure to bring your concern to their attention. However, we recommend that you also pass along your concerns to them directly. You can do this on their website here: https://www.nbrea.ca/about-the-office-of-the-registrar/ Hope this helps!


Chuk's message to FCNB    10/15/21, 12:01 PM

When you brought my concerns concerning the lack of Buyer Protection afforded by the Real state Agents Act and the fact that some Sellers were limiting Buyers from having inspections to the attention of the NBREA, what was there response? If their response was in writing, can you please send it along to me at chuk@status.ca Cheers, Chuk

FCNB response    10/15/21, 3:09 PM

Hi Chuk, We did pass along your concern to the NBREA and advised them that we provided you with their information so that you could contact them directly. We have also shared some messaging about the importance of a pre-purchase inspection on our social media channels.