Publication of sold price
When can the price at which a property has been sold be published without violating the confidentiality rules contained in the promise to purchase?
The OACIQ’s position is the following: as long as the deed of sale has not been published in the land register, the price indicated in the deed of sale constitutes confidential information and must be treated as such by real estate brokers. They may not make this price public without the written consent of the parties to the transaction (i.e. of the buyer and the seller), nor use it in any advertising or allow anyone else to do so. Under no circumstances may a price be advertised: neither the listing price nor the selling price.
In the exceptional case where the parties engaged in the transaction agreed to make the selling price public, they should be informed by the broker of the potential risks and consequences in the written agreement. Regarding potential risks, note, for example, the case where the selling price is made public immediately after the fulfilment of the conditions of the promise to purchase, while this same promise to purchase becomes null and void following the discovery of a defect before the signing of the deed of sale.
If that is the case, how come a broker can communicate the sold price to an information dissemination service between agencies or brokers (e.g. CENTRIS®) as soon as the conditions are lifted?
The sold price is part of the non-public component of an information dissemination service, which is only accessible to brokers who are members of a real estate board. They need to know that the property has been sold to be able to stop offering it to potential buyers right away. They must also know the selling price in order to establish reliable comparables and then set realistic prices for new listings. The bank of ''SOLD'' properties is only accessible to licence holders and cannot be used for advertising nor be made available to the general public, including via a website.
(Apply only once all conditions are fulfilled.)
Periodicals, newspapers and Internet
- Advertising an immovable as ''SOLD'' until the signing of the deed of sale is allowed, even if the brokerage contract is expired.
- Make sure advertisements are kept up to date by indicating that the immovable is ''SOLD''.
- Once all the conditions of a promise to purchase have been fulfilled, except the signing of the deed of sale, the broker must advertise the "SOLD" notice on the sign posted on the immovable.
- Any sign must be removed immediately at the earliest of the expiration of the brokerage contract or the signing of the deed of sale.
For more information, please read the “Advertising guide for real estate and mortgage agencies and brokers”.