Prospectuses, in the form and manner prescribed in the Real Estate Regulations, must be filed with the Saskatchewan Real Estate Commission (Commission) for the marketing of real estate in Saskatchewan for real estate that is located outside Saskatchewan and for the sale of a time-share regardless of the location of the time-share unit(s). No brokerage shall trade in real estate that is located outside of Saskatchewan or in a time-share unit(s) without first obtaining a certificate of acceptance from the Commission with respect to the prospectus filed with the Commission. All certificates of acceptance expire 12 months after the date of acceptance unless revoked earlier by the Commission.
The Real Estate Act requires that no person other than a brokerage or a broker or a salesperson of the brokerage, shall trade in real estate with respect to which a prospectus is required to be filed with the Commission.
Every prospectus shall be accompanied by an affidavit from the owner as to the correctness of every statement in the prospectus, a copy of any plan or form of contract referred to in the prospectus, any documentation required by the Commission to support any statement, proposal or estimate any financial particulars of the owner that the Commission may require and the fees prescribed in the regulations.
The costs associated with the filing of the prospectus and any inquiries or reports required would be at the expense of the brokerage that filed the prospectus. The fees associated to file, amend or renew a prospectus are:
The Commission shall not issue a certificate of acceptance unless securities in the amount and kind acceptable to the Commission have been filed with the Commission. The amount of the securities to be deposited with the Commission is whichever is greater, $150,000 or 10% of the value of the real estate offered for sale or any greater amount that the Commission may determine.
- Filing Fee $2,000
- Renewal Fee $500
- Amendment Fee $500
No person shall enter into or negotiate any contract to trade in real estate with respect to a prospectus unless a copy of the prospectus and any other information required has been delivered to the prospective buyer and the prospective buyer has acknowledged in writing that he or she has received a copy of the prospectus and additional material and has an opportunity to read the information.
A brokerage, broker or salesperson must register with the Commission and may be issued a certificate of registration with terms that restrict their activities to the marketing of real estate pursuant to the prospectus. All the requirements for registration apply (see registration requirements under registrant information) with the exception of the education requirements. The education requirements are considered on an individual basis.
The outline of the requirements to file a prospectus and other applicable legislation for trading in real estate pursuant to the filing of a prospectus are found in Sections 74 - 78 inclusive of The Real Estate Act, Sections 18 - 28 inclusive and Appendix A and B of The Real Estate Regulations. Buyers of real estate through a prospectus have rescission rights. (See the appendices for those rights.)