Fort McMurray Fires – RECA is Here to Help

Short of the loss of life or limb, there is little more devastating to a couple, a family, or an individual than a natural disaster that causes the loss of personal property, especially when that property is a home or a business.

Our thoughts are with the thousands of people in and around Fort McMurray who are facing that grim reality as forest fires continue to burn around their homes. We don’t yet know the full extent of the damage and won’t for some time, but the Real Estate Council of Alberta (RECA) is receiving questions from licensed professionals.

We want to begin by saying RECA is ready to help.

We encourage brokers to call RECA and speak with our Trust Assurance and Practice Review department if they have concerns or questions about their record-keeping responsibilities or their fiscal year-end reporting requirements in light of the fires.

Alberta’s real estate industry has dealt with disaster situations before. If your brokerage’s records have been damaged or destroyed, start recreating those records using copies of contracts obtained through lawyers, lenders, and your clients themselves. With the increase in electronic document storage, RECA anticipates this will be easier than in the past. Go back and check your email inbox and sent items, and suggest to your clients that they do the same.

When people begin returning to Fort McMurray, reach out to your clients who are in the middle of transactions to discuss the situation with them. Ultimately, though, those consumers will likely need to seek legal advice.

RECA knows Alberta real estate industry professionals always have the best interests of clients in mind. We ask that everyone be as patient as possible. By working together with patience and professionalism, we will ensure things proceed as smoothly as possible in this tragic situation.

Our thoughts are with those in and around Fort McMurray, including our licensed professionals, the consumers they work with, and the first responders working tirelessly to prevent more damage.

These extraordinary circumstances demand an extraordinary response. To the real estate, mortgage brokerage, and property management licensees in Fort McMurray, RECA is here to help in any way we can.

Real estate brokers with questions are also encouraged to contact Kristian Tzenov, RECA’s real estate practice advisor, directly at ktzenov@reca.ca.