Disclosure of remuneration: The Inspection Department is keeping a close eye on things

Transparency is required in any real estate transaction. In terms of remuneration, you must disclose in writing to the party you represent the conditions of remuneration sharing offered to agencies or brokers collaborating in this transaction, and the consequences generated by the proposed conditions.

Inspection Department’s role

When examining records, the inspector who will find that the sharing offered on the description sheet is inferior to the one specified, without any amendment on this point, in the brokerage contract, will take the necessary measures in either of the following cases:

Listing still in effect

If the listing is still in effect, the inspector will require from the broker to correct the description sheet on the spot so that the remuneration share offered to the agency or broker collaborating in the transaction complies with the brokerage contract.

Completed transaction

When transaction was completed and that the share received by the agency or broker collaborating in the transaction is less than the one that was disclosed to the seller, the inspector will take a copy of the record. This record will be presented to the inspection committee, which can make all recommendations deemed appropriate. In addition, if he notices that a violation to the Real Estate Brokerage Act or to one of its regulations is committed, he can notify the OACIQ’s syndic.

Trust inspection

The Inspection Department maintains vigilance for possible inconsistencies in remuneration sharing in order to react quickly and ensure that you are entitled to a share of remuneration to which the seller agrees.

Beyond the Inspection Department’s monitoring, it is the question of honesty, integrity and compliance with contractual obligations that should be considered in these precautions.

Because ensuring the trust of the public and all parties involved starts with you.

Think about it!