Published on: June 15, 2018
Article number: 204967

PRESS RELEASE
FOR IMMEDIATE RELEASE

The OACIQ puts its expertise behind Bill 401 regulating divided co-ownership and building inspection

Brossard, June 15, 2018 – The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) welcomes the introduction of Bill 401, and more specifically the measures proposed to regulate building inspection and co-ownership, which we have been advocating for over ten years. As the regulator of real estate and mortgage brokerage, we are committed to putting our expertise at the service of the Ministère de l’Habitation et de la Protection du consommateur in order to ensure the bill’s implementation and thus better protect the public.

Expertise serving consumers

“In keeping with its supervisory powers over real estate and mortgage brokers, the OACIQ has over time initiated various activities aimed at tightening the oversight of co-ownership properties and inspection practices. With the help of our brokerage forms, our Mandatory Continuing Education Program and the Real Estate Brokerage Act, we make sure that OACIQ licence holders are properly equipped to advise their clients with respect to complex divided co-ownership transactions as well as building inspections,” commented OACIQ President and CEO Nadine Lindsay.

In addition, in the fall of 2017 the OACIQ held a Real Estate Symposium dealing precisely with these two fundamental issues. The Organization also developed the form Declarations by the seller of the immovable – Divided co-ownership in order to further protect buyers and sellers of this type of property who use the services of a broker. The form will come into force on July 1. The OACIQ also takes an active part in the activities of a working group on co-ownership, and has been proactively accrediting various associations of building inspectors for several years now in order to ensure a minimum of standards in this profession

"The oversight of co-ownership and building inspection provided for under Bill 401 fits in perfectly with our role as regulator. That is why we will continue to work with the Ministère de l’Habitation et de la Protection du consommateurand we are formally committed to contributing to the success of the bill, for the greater benefit of consumers," concluded Nadine Lindsay

About the OACIQ

The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act.

- 30 -

 

We encourage you to reread the press release published by the OACIQ last December concerning the urgent need for oversight of building inspections.

Interviews or information:

Marie-Pierre Laflamme – Advisor, Communications – OACIQ

450-462-9800, ext. 8720

mplaflamme@oaciq.com