In the recent editions of Exempt Market Update, in the articles Engagement Letter Best Practices Part One and Part Two, we focused on two topical features of an EMD’s engagement letter: exclusivity and fee-tails. In this edition we consider an often overlooked, but critical aspect of the regulatory environment in which EMDs operate the broker licensing requirement under the Real Estate and Business Brokers Act (Ontario)(REBBA or the Act). This requirement can certainly have an impact on drafting an engagement letter, as well as much wider implications for the offering of M&A advisory services in the province of Ontario.
Real Estate Licensing considerations for EMDs
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