BCREA's Legal Defense Reserve
Keeping up with the times to support BC REALTORS®
Did you know the British Columbia Real Estate Association (BCREA) recently increased its legal defense reserve from $35,000 to $50,000? The increase reflects recognition of the greater risks to business practices as a result of Rule changes, new legislation on taxation, the legalization of marijuana and amplified concerns about money laundering in real estate.
Things happen – why the legal defense reserve exists for REALTORS®
The real estate marketplace is a dynamic, demanding environment, and sometimes an individual REALTOR® may experience legal challenges that could negatively impact the sector as a whole. That's why, fifteen years ago, BCREA created a legal defense reserve to support REALTORS® by contributing to legal costs related to issues of provincial significance.
BCREA's legal defense reserve is available to all BC REALTORS®, but to be eligible for consideration, the issue must be of provincial significance. In other words, a positive outcome from the proceedings should benefit REALTORS® across the province.
How can a REALTOR® request access to the legal defense reserve?
REALTORS® wishing to access funds should make a submission to BCREA's Board of Directors ([email protected]). Once a submission is received, the Board of Directors will review the application for merit, consult with legal counsel and provide their assessment to the REALTOR®.
For further questions or concerns, please email [email protected].
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Popular tags within BCREA
- Contract of Purchase and Sale
- Professional Development Program
- Housing Affordability
- Real Estate Council of BC (RECBC)
- Anti-Money Laundering
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