When you choose to do business with a broker for the purchase of a property, the OACIQ recommends the use of the form Exclusive Brokerage Contract – Purchase for the purchase of:
A residential immovable containing less than 5 dwellings
A divided co-ownership property
An undivided co-ownership property
Like all other forms created by the OACIQ and which brokers are required to use, this one was designed to offer you maximum protection while clearly establishing the terms under which the broker will act. It specifies, among other things:
- The essential features of the desired property;
- The desired price and terms of purchase;
- The respective obligations of the buyer and the broker, including as regards the remuneration of the buyer’s broker (which can be paid directly by the buyer or added to the purchase price offered for the property and included in the mortgage loan).
GOOD TO KNOW
By signing an Exclusive brokerage contract – Purchase, you make sure that your broker’s obligations are defined and that he will fulfil them. The contract can also stipulate what type of follow-up will be done by your broker. In addition, if the seller of the property you are considering is not represented by a broker, your broker will make all the necessary verifications that would otherwise be the responsibility of the seller’s broker. This contract also allows the broker to canvass and solicit for properties that are not on the market.