Yesterday, the Alberta Real Estate Association (AREA) announced a settlement to all outstanding and ongoing legal disputes with the Real Estate Council of Alberta (RECA). RECA’s board of directors has agreed to pay AREA $900,000.
A joint public statement highlights that the settlement is “expressly agreed to without any acknowledgement of liability. All parties have agreed to the terms of the arrangement to avoid the significant legal and administrative expenses which would otherwise be borne by RECA licensees and AREA members if those matters were to proceed through the courts.”
The statement continues to say that “the no-fault agreement also ends the claim by and against former RECA council member Robyn Moser as well as any concerns or claims that RECA contractually interfered with AREA.”
A significant step to a better future
A release notes that during the process, AREA was committed to upholding its members’ best interests while trying to maintain a constructive relationship with RECA. It goes on to say that AREA is “pleased that RECA has agreed to this settlement, thereby allowing both parties to put these matters to rest.”
The resolution is a significant step towards both organizations operating with mutual professionalism and respect. AREA thanks its members for their continued support and dedication throughout this process.
“I am pleased this $900,000 no-fault agreement resolves matters stemming from difficulties between RECA’s previous council and AREA,” adds RECA’s chair, Elan MacDonald. “RECA wanted to ensure we would move forward with the best interest of the industry in mind. I look forward to a constructive relationship as RECA pursues its mandate to protect consumers within a healthy self-regulating profession.”
David P. Brown, AREA chair, comments: “We are glad to put these contentious issues behind us and to focus on building a positive relationship with RECA in the interest of AREA’s members. We recognize and support RECA’s work, setting and enforcing rules for the real estate industry.”