Building and environment
Do you have questions about the impact of a nearby magnetic field on a property you are considering buying? Wondering if you should have your house inspected for radon before you put it on the market? Unsure whether or not to have a prospective building inspected? This section can help you allay these uncertainties.
Building inspection is an essential step when purchasing a house. Since the entry into force of the new Real Estate Brokerage Act, you must, as stipulated in section 81 of the Regulation respecting brokerage requirements, professional conduct of brokers and advertising, ''recommend to the person proposing to acquire an immovable that the person have a full inspection performed by a professional or a building inspector...."
After several months of negotiations, the OACIQ has just concluded a first recognition agreement of great interest to your professional practice with the Association des inspecteurs en bâtiments du Québec (AIBQ).
The OACIQ has recently concluded a recognition agreement of great interest to your professional practice with the NBIEA. This agreement is added to the one concluded with The Quebec Association of Building Inspectors (QABI) in July 2011.
When signing a brokerage contract with a seller, you must collect as much information as possible on the immovable and the equipment it contains. Under the Regulation respecting brokerage requirements, professional conduct of brokers and advertising, this information must be accurate and verified. The OACIQ’s Assistance Department has noted that it can sometimes be difficult to determine the true nature of components such as a building’s air conditioning or heating system.
The municipal valuation roll allows the public access to certain information about a building, including: its assessment; the area of the property; necessary information about school taxes.
When selling an immovable, people tend to neglect a very important step: inspection of the stove or fireplace and the chimney. It is important to remember that these heating devices must comply with the requirements of both the insurer and the municipality.
The Regulation respecting brokerage requirements, professional conduct of brokers and advertising (hereafter “the Regulation”) states that a broker or agency executive officer must take steps, in accordance with accepted practice, to learn of any factors that may adversely affect the party represented by them or the agency for which they act, the parties to the transaction or the very object of the transaction.
When an existing or planned residential immovable is sold by the builder or a developer to a natural person who acquires it to occupy it, the Civil Code of Québec requires that the sale be preceded by a preliminary contract in which the person promises to purchase the immovable. This type of contract must be used regardless of whether a real estate broker is involved in the transaction as intermediary.
What is a ''legal warranty''? A person selling movable or immovable property must warrant that the property is free from any defect in title and any latent defects, except those declared before the sale. That is what is generally known as the ''legal warranty'', which has two components, i.e. the warranty of ownership and the warranty of quality. These warranties exist by operation of law, i.e. they do not have to be specified in the contract.
You are a real estate broker and you are working in a team. You have certainly put in place, within the team, a way for effectively circulating the information regarding visit requests and promise to purchase presentation; and this is a good thing. We have already discussed this matter in a previous column. We have particularly dealt with the case of members belonging to the same team who have not taken the necessary measures to ensure that visit requests are effectively dealt with and who have been penalized by the OACIQ Discipline Committee.
– PROFESSIONAL PRACTICES SERIES –
Can a real estate broker who is also a notary draw up the official paperwork for his own transactions? Can a real estate broker who is also a lawyer give legal advice to a client or be mandated to initiate proceedings by one of the parties to a transaction? Can a real estate broker who is also a building inspector draft the inspection report pertaining to his own promises to purchase?
One of the essential tasks of the real estate agency or broker is to help the owner establish a realistic selling price. Sometimes, the price requested is inadequate because the seller lacks information. To establish the property's fair market value, the real estate agency or broker may perform a comparative analysis with other similar properties on sale or recently sold in the vicinity.
The Civil Code of Québec grants several rights to the lessee of a dwelling, including the right to maintain occupancy. Basically, this right allows the lessee to occupy the dwelling for as long as he wishes. This means he can only be evicted under very specific circumstances provided in the law.