Published on: August 29, 2016
Article number: 202606

CO-OWNERSHIP

Your broker’s network: valuable resources for your real estate transaction

(Article of the OACIQ published in the newsletter of lacopropriete.info, in April 2016 – IN FRENCH ONLY)

Doing business with a real estate or mortgage broker also means having access to a vast network of qualified professionals who will play a key role in ensuring that your real estate transactions goes off without a hitch.

For example, your real estate broker can refer you to a land surveyor if you don’t have an up-to-date certificate of location. Your mortgage broker, for his part, will be able to direct you to financial institutions or well-established private lenders.

Here are some of the experts who form your broker’s network    :

CHARTERED APPRAISER

The real estate broker estimates the market value of your property in order to set an appropriate selling price. He may also advise you to retain the services of a chartered appraiser if, for instance, an appraisal is needed to get a mortgage loan or for insurance purposes. The appraiser will evaluate your property and give you a detailed report.

The chartered appraiser must follow standards of practice and a code of ethics as a member of the Ordre des évaluateurs agréés du Québec (OEAQ).

Visit the OEAQ website for more information.

BUILDING INSPECTOR

If you are planning to present a promise to purchase, your real estate broker will recommend that you have the property inspected by a building inspector who:

  • has professional civil liability insurance (errors and omissions);
  • uses a recognized inspection service agreement;
  • conducts his inspections in accordance with accepted standards of practice;
  • provides you with a detailed written report.

The OACIQ has entered into recognition agreements with several associations of building inspectors: your broker has access to a list of specialists who meet the above criteria and can you give their contact information.

NOTARY

The notary is responsible for drafting the mortgage deed and the deed of sale. He must make a number of verifications prior to the official signing:

  • he will review the promise to purchase completed by your broker;
  • he will guarantee that the title of the property you are about to purchase is clear;
  • he will verify the certificate of location, property tax statements, mortgage deeds, servitudes and declarations about the property;
  • he will determine the adjustments to be made based on the agreement reached.

If you are the buyer, the choice of notaries is usually yours to make. Your real estate broker will help you make an informed selection. You may also visit the Chambre des notaires du Québec website to make sure your notary is a member in good standing.

See the article The advantage of being part of a professional network to learn more about the various actors involved in a real estate transaction.

We wish you a very successful transaction!