Duties and Obligations of the Broker
The practice of real estate and mortgage brokerage is regulated in order to ensure that members of the public are protected when engaging in a real estate transaction through a broker’s intermediary. The rules and conditions of practice governing the profession are set out in the Real Estate Brokerage Act, the Regulations thereunder and the Rules of Professional Ethics. Read this section to learn more about the duties and obligations of your broker.
Using the ''Counter-Proposal to a Promise to Purchase'' to respond to a Promise to Purchase or a Counter-Proposal
The mandatory form entitled “Counter-Proposal to a Promise to Purchase” has the advantage that it can be used by both the seller and the buyer, though its name can suggest that it can only be used to reply to a promise to purchase. In fact, it is also used to notify the other party that their “Counter-Proposal to a Promise to Purchase” has been refused and to submit a new proposal.
Sometimes, the buyer of an immovable does not take out a mortgage loan, preferring to pay cash for his purchase. In such cases, the real estate agent must take steps to protect himself, protect the seller and ensure a smooth transaction.