When you choose to do business with a broker for the sale of your property, you must sign an Exclusive Brokerage Contract – Sale. The reason for this is simple: this contract, like all the forms produced by the OACIQ, is designed for your protection, to ensure that your transaction is carried out in compliance with the Real Estate Brokerage Act.
Your broker must use one of the following brokerage contract to sell forms, depending on the type of property, and clearly explain its content to you:
Exclusive brokerage contract – Sale – Chiefly residential immovable containing less than 5 dwellings excluding co-ownership; or
Exclusive brokerage contract – Divided co-ownership – Fraction of a chiefly residential immovable held in divided co-ownership; or
Exclusive brokerage contract – Undivided co-ownership – Share of a chiefly residential immovable held in undivided co-ownership;
- that your broker will be the sole intermediary with whom you will do business for the sale of your property for the term of the contract;
- your rights and obligations and those of your broker;
- that the broker will be remunerated for his work once you accept a Promise to purchase and all conditions are fulfilled (except the signing of the deed of sale).