Forms and contracts
Before you buy or sell a property, why not take a little time to review the OACIQ’s mandatory and recommended forms used by your broker? They will give you a good idea of the main steps involved in a real estate transaction.
Please note that these forms are provided for illustration purposes only and cannot be used for an actual transaction.
Due to the appearance of conflict of interest that could result from the payment of professional fees by a real estate broker acting on his own account or agency acting as intermediary in a real estate transaction, this practice is not recommended by the OACIQ.
Mechanisms in case of ceasing of activities by a broker acting on his or her own account or for an agency, and in case of ceasing of activities by an agency
The regulations adopted under the new Real Estate Brokerage Act that has been in force since May 1, 2010 stipulate that when a broker: leaves an agency to join another agency or to work for his or her own account; ceases to work for his or her own account and joins an agency;
The client has the option to: continue dealing with the broker; continue dealing with the agency, if applicable; or terminate the brokerage contract.
The agency’s duty to supervise the brokers acting on its behalf, and supervision of brokers new to the profession
– INSPECTION CAPSULE –
The new Real Estate Brokerage Act has abolished certain rules regarding the duty to have one or more managers, based on the number of brokers acting within an agency. This new Act is meant to be less interventionist regarding the management of a brokerage firm’s business.
All real estate and mortgage agencies and brokers practicing in Québec must hold a licence issued by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). The OACIQ’s mission is to protect the public by enforcing rules of professional conduct and by inspecting the affairs of brokers and agencies.
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.