The advantage of being part of a professional network
During a real estate or mortgage transaction, don’t hesitate to seek help from seasoned professionals. If you do business with a broker duly authorized by the OACIQ, he will provide you with a list of trustworthy people to assist you at every step of your transaction.
Get a proper certificate of location
If you don’t have a certificate of location, or if the one you have is outdated, you need to have a new one drafted by a land surveyor, the only expert authorized to do a land survey.
The certificate of location is important because it confirms the current state of the immovable against the titles, cadastres, laws and regulations.
When the appraiser’s expertise is required
The real estate broker estimates the market value of your property in order to market it properly. He may also advise you to enlist the services of a certified appraiser if, for instance, an appraisal is needed to get a mortgage loan or for insurance purposes.
As a member of the Ordre des évaluateurs agréés du Québec, the chartered appraiser must abide by certain standards of practice and rules of ethics.
For more information, visit the Ordre’s website.
For an inspection that meets standards
If you are planning to make a promise to purchase, your broker must recommend that you have the property inspected by a professional or a building inspector who:
- is covered by civil liability insurance (error and omissions);
- uses a recognized inspection service agreement;
- performs his inspections according to recognized building inspection standards;
- will present you with a detailed written report.
The OACIQ has recognition agreements with many building inspectors’ organizations: if you do business with a broker, he can provide you with a list of specialists who meet the above criteria and the regulatory requirements of their association.
To bring one of the most important transactions of your life to its successful completion
The notary is the person responsible for drafting the deed of mortgage and the deed of sale. He will make several verifications before the official signing, including:
- Examining the promise to purchase
- Guaranteeing that the title of the property you are preparing to purchase is clear;
- Verifying the certificate of location, property tax statements, deeds of mortgage, servitudes and declarations concerning the property;
- Calculating the adjustments based on the agreement.
If you are the buyer, the choice of notary is normally up to you. You may visit the website of the Chambre des notaires du Québec to make sure your notary is a member in good standing.
To defend your property rights
When doing business with a professional authorized by the OACIQ, you are protected under the Real Estate Brokerage Act. This Act provides for many mechanisms ensuring that your transaction is carried out according to proper practices. However, should a dispute arise between you and the other party engaged in the transaction, your real estate broker can guide you by recommending that you consult with a legal advisor. Whether it is concerning a hidden defect, a breach of the promise to purchase, servitudes or any other legal problem, you can be sure your interests are protected with a good lawyer on your side!