FINANCIAL AND CONSUMER SERVICES COMMISSION - Buying and Selling Property

Mortgage brokers and associates are licensed professionals who can help you navigate the process of getting approved for a mortgage. In New Brunswick, these individuals are regulated by FCNB and must be licensed and meet certain education requirements in order to do business in the province.

Real estate agents and the salespeople that represent them are also regulated, in part, by FCNB. All real estate agents and salespeople operating in New Brunswick must be licensed with FCNB and be members of the New Brunswick Real Estate Association (NBREA). To be a member of the NBREA, real estate salespeople must meet education requirements and follow The REALTOR® Code of Ethics set by the Canadian Real Estate Association (CREA).

Download the "Home Buying Step by Step" guide and workbook from the Canada Mortgage and Housing Corporation (CMHC) for complete information and customized calculators.

Buying or Selling Property Yourself

Buying and selling property can take a lot of time, money and planning. When deciding whether to sell your property on your own or work with a real estate agent and salesperson, ask yourself:

Will I be comfortable setting a sale price and negotiating offers?
Do I have the time and money needed to advertise and show my home to potential buyers?
Have I considered extra costs such as legal fees, home inspections, repairs and closing costs?

Am I comfortable coordinating the details that may be involved in buying and selling a home such as: setting up and attending viewings of homes, making offers, home inspections, home closing processes, getting approved for a mortgage etc.

Professionals in Real Estate Transactions

You may work with a number of companies or professionals when buying, selling or building a home such as:

Real Estate Agents: a company that helps consumers buy and sell property. Outside of New Brunswick, agents may be called Brokers or Brokerages.

Real Estate Salesperson: an individual who works for the agent and helps buyers and sellers navigate the process of buying and selling a home on behalf of the agent. Real estate salespeople may often be called REALTORS®. In order to use this trademarked name they must be a member of the Canadian Real Estate Association (CREA).

For Sale by Owner (FSBO) Service: These companies provide sellers with the tools to market and sell their home on their own for a fee. Services may include a marketing plan, a “For Sale” sign, and advertising space on the company’s website.

Lawyers: Lawyers with real estate expertise help buyers and sellers review and understand important documents, such as offer and acceptance letters, before signing. They will also perform a title search to make sure that the seller has the right to sell the property; register the deed in the new owner’s name, and transfer funds on behalf of the buyer and seller.

Personal Bankers: Personal bankers work with their clients to determine how much the client can afford to spend on a new home and can help the client secure a mortgage to finance the purchase of a home.

Mortgage Brokers and Associates: Mortgage Brokers act as intermediaries between borrowers and lenders. Mortgage brokers do not lend money. They shop around to different lenders on the borrower’s behalf to search out and negotiate mortgage terms and rates.

Home Inspectors: A home inspector assesses the condition of a home. Inspectors might preform a visual inspection of the structure and major systems of a home including electrical and plumbing and other parts of the home depending on what your contract with the home inspector includes. An inspection does not provide a guarantee or warranty, but can help you make an informed decision when buying a home.

Real Estate Appraisers: Real estate appraisers can help determine the value of a home by providing an impartial opinion after conducting a full analysis and evaluation of the property. To determine the value of a property, appraisers consider a number of factors such as the value of other properties in the area, zoning laws, market trends, interest rates, tax rates, etc.

Builders and Contractors: If you’re building your own home, you might use the services of a builder or contractor. Our Hiring a Contractor Guide can help you choose the best person for the job.

Insurance Agent or Broker: An insurance provider can help you protect your home with home insurance. Before working with an insurance provider, use our searchable database to confirm that they are licensed. Dealing with a licensed agent or broker will help ensure that he or she is properly trained and has the resources to provide you the insurance services you need. For more information about insuring your home and choosing an insurance provider visit our Consumer Insurance page.