About the brokerage contract expiry date
An expiry date must be entered in the appropriate space on the mandatory Brokerage contract form.
In the case of a brokerage contract for the sale of a chiefly residential immovable containing less than five dwellings and a mortgage brokerage contract, if no expiry date is stipulated at the time of signing, the contract will automatically expire 30 days after signing.
The obligation to provide an exact expiry date and time exists for any written brokerage contract, even one that does not concern a chiefly residential immovable containing less than five dwellings.
In addition, should the mandatory brokerage contract be extended, it is important to indicate on an Amendments form the new contract expiry date and the time. Failing this, the contract will expire 30 days after the amendment.
Lastly, an automatic renewal clause is not permitted in a mandatory brokerage contract for the sale of a chiefly residential immovable containing less than five dwellings. It should also be noted that a broker may not enter into a postdated brokerage contract due to the possibility that the seller or buyer is already bound by an exclusive brokerage contract with another agency or broker acting on his own account.
For any questions, please contact the information centre Info OACIQ.