Intergenerational homes: The protections offered by the Real Estate Brokerage Act

To avoid problems during your real estate transactions, the professionals authorized by the OACIQ are required to respect certain obligations set out in the Real Estate Brokerage Act.

Therefore, in accordance with his code of ethics, before indicating – verbally, in writing or on the description sheet – that a home is an intergenerational one, the seller’s broker must be able to show the accuracy of the information he provides to the public by making some verifications with the bodies or experts concerned.

He must also inquire about the state of the immovable with the seller and complete with him the Declarations by the seller of the immovable form. In this form, the seller must declare everything he knows about his property in good faith and to the best of his knowledge. This helps the buyer gain a better understanding of the immovable in order to make an informed decision.

Remember that the OACIQ is the regulator of real estate and mortgage brokerage in Québec. Its unique mission, entrusted to it by the Government of Québec, is to protect the public by enforcing the Real Estate Brokerage Act. To achieve this, the Organization informs, assists and oversees the activities of licensed professionals and has powers conferred on it by the Act.

For more information on this problem and how to prevent it, read the summary of a recent report on Radio-Canada's program La Facture or watch it here.

 

 

Last updated on: November 15, 2017
Article number: 204175