Are you thinking of buying and financing a first residential property? The First-Time Home Buyer Incentive program may help you reduce your mortgage payments without additional outlays for the down payment.
Social media: these digital sharing and distribution platforms are used more and more by real estate brokers and agencies. Here are the rules of conductwhich the OACIQ is responsible for enforcing under the Real Estate Brokerage Act, for your protection.
The Cannabis Act (“Federal Statute”) and the Act to constitute the Société québécoise du cannabis, to enact the Cannabis Regulation Act and to amend various highway safety-related provisions (“Provincial Statute”) regulate activities such as the production, possession and consumption of cannabis. These federal and provincial statutes and related regulations came into force on October 17, 2018.
Following a report on the program La Facture on September 18, 2018, the OACIQ would like to make the following clarifications.
When selling a property, it may happen that a buyer wishes to make a very low offer. Here are the duties of brokers involved in three common situations.
As a regulator created in 2010 by the Real Estate Brokerage Act, the Organisme d’autoréglementation du courtage immobilier du Québec invites the government to take advantage of the adoption of Bill 141 to better protect members of the public in their real estate or mortgage transactions by proposing four recommendations for improvement.
Whether you are selling or buying a home, the certificate of location is a document that will provide you with very useful information.
When a brokerage contract is signed, the broker may note that the property has a heating or air conditioning unit installed, a heat pump for instance. This type of unit has often been purchased by the owner under an instalment sale contract with a merchant. What are the ramifications for the broker when selling an immovable with a heat pump?
Clause 11.2 of the Promise to purchase specified the date at which the selling owner agrees to make the premises available to the new buyer. Sometimes the buyer wishes to occupy the premises before the date of signing of the act of sale. The OACIQ strongly advises against this practice since there are major risks involved for the seller in granting such a right to the buyer.
Disclosure of a suicide: the Superior Court confirms the usefulness of the declarations by the seller
On November 21, 2013, the Superior Court determined, in Fortin c. Mercier(1) judgment, that the seller of an immovable had the obligation to inform buyers that a violent death had occurred therein.
During a real estate transaction, real estate brokers often have to deal with cases of non-compliance with the obligations or rights contained in Acts of Servitude. Infringement of a servitude may delay the finalization of a transaction, and often causes problems between the seller, buyer and creditor. Hydro-Québec regrets having to do so, however, as the owner of a distribution network, it must assume its obligations and responsibilities.
The OACIQ’s position is the following: as long as the deed of sale has not been published in the land register, the price indicated in the deed of sale constitutes confidential information and must be treated as such by real estate brokers. They may not make this price public without the written consent of the parties to the transaction (i.e. of the buyer and the seller), nor use it in any advertising or allow anyone else to do so.
Hundreds of homes have been identified as having been used to grow marijuana. Real estate brokers are required to take special steps when selling, buying or leasing immovables that have been used or could be used for this purpose.
The Environment Quality Act (''the Act'') establishes rules regarding land protection and rehabilitation in case of contamination. It is supplemented by the Land Protection and Rehabilitation Regulation, whose purpose includes setting out the types of industrial or commercial activities that require a particular treatment and establishing contamination limit values beyond which rehabilitation measures must be undertaken.
The OACIQ noticed that some brokers refuse to grant their colleagues the right to take part in the presentation of promises to purchase, arguing that the seller has given them written instructions to this effect.
In accordance with section 105 of the Regulation respecting brokerage requirements, professional conduct of brokers and advertising (hereinafter called “Regulation respecting brokerage requirements”), the broker and agency executive officer must collaborate with the OACIQ during the following operations:
In the course of their activities, some licence holders act as intermediaries for the short-term rental of cottages, houses or apartments. Considering their duty to verify, inform and advise, these brokers would be well-advised to know the ins and outs of the Act respecting Tourist Accommodation Establishments.
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