As reported earlier this month by the Edmonton Journal, the Provincial government has passed some much-anticipated new rules affecting home inspections in Alberta.
Under the Home Inspection Business Regulation, Home Inspectors must:
- meet minimum qualification and education standards in order to be licensed by the province (those who already hold a Registered Home Inspector or Certified Master Inspector certificate are pre-qualified)
- carry $1 million in “errors and omissions” insurance
- post a $10,000 security fee in case of negligence or incompetence
Home Inspectors who don’t meet these requirements can apply a conditional licence, which expires in March 2013.
In addition, the new regulations put an end to contracts that limit liability, and subjects deceitful Home Inspectors to possible prosecution under the Fair Trading Act, which carries fines up to $100,000.
"The public wanted this," commented Service Alberta Minister Heather Klimchuk. “There was huge support from consumers, realtors, appraisers and mortgage brokers. Home inspectors wanted it, too, because they are very proud of what they do."
Of particular note to potential home buyers, the new rules apply only to resale properties and not on new home inspections, which are inspected by municipal safety code officers (who are already accredited by the Safety Codes Council of Alberta).
In my view, this is clearly a step in the right direction. Home Inspection plays an important role in ensuring that a transaction is fair and a “win-win” for everyone – sellers and buyers alike. It’s also a victory for professional Home Inspectors, who can now separate themselves from those who aren’t competent and qualified to be doing the job.
If you’re looking to buy or sell your home with me, I’ll personally connect you to an experienced and certified Home Inspector who will either help you make key repairs and fixes (if you’re selling), or ensure that you go into a transactions fully-informed of what it is you might be purchasing (if you’re buying).
Call me at 780-709-0811. I’m here to help!