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.
The Professional Inspection Department has noticed a lack of understanding of the principles governing the receipt of a sum for another and the management of a deposit.
When a chartered real estate broker is going to be absent for vacation or for any other reason, he is looking to entrust his operation to a member on whom he can rely. He also wants to do in a way that will be legal and secure for all parties involved.
Good professional practices dictate, among other things, that an agent should discover and disclose any unfavourable factor related to an immovable in order to inform the buyer. To do so, he must question the seller and inform him of his obligations.
In the context of a real estate transaction, it frequently happens that a buyer makes a deposit on the sale price. The broker who receives this sum must then, if he is acting for an agency, gives it immediately to the agency to be put in its trust account or in the account of the agency to which your agency delegated its obligations. If the broker is acting on his own account, he must put it in his trust account. The sum received from the buyer must remain in the trust account until it is required by the notary for signing of the deed of sale.
Electronic Document Management (EDM): Maintenance, Preservation and Archiving of Records and Registers
The new Real Estate Brokerage Act no longer presents any obstacles to the maintenance, preservation and archiving of records and registers on electronic medium.
The OACIQ’s Inspection Committee has observed that brokers working in the field of mortgage brokerage are increasingly aware of the importance of maintaining records and registers in accordance with the Real Estate Act and applicable regulations. Indeed, several inspections of the records of brokers and agencies working in mortgage brokerage confirm that sound management is being applied by both brokers and agencies through the use of good professional practices.
In October 2012, after analyzing the system compliance regarding preservation, storage and maintenance of records and registers, the OACIQ found that “Prospects” met the requirements of the normative framework and technical specifications available on the OACIQ website. Therefore, the Organization certified the “Prospects” EDM system.
Every year, the OACIQ invites brokers and agency executive officers to conduct a self-inspection. This exercise is an excellent means for us to collect many statistics to help you consolidate and improve certain aspects of your practice.