As part of the measures implemented to address the issues raised by the overheated housing market, the Ministry of Finance and the OACIQ have agreed to amend the promise to purchase forms to reinforce the messages pertaining to the risks of waiving a pre-purchase inspection.
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.
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.
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.
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.
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.
The Regulation respecting brokerage requirements, professional conduct of brokers and advertising (hereafter “the Regulation”) states that a broker or agency executive officer must take steps, in accordance with accepted practice, to learn of any factors that may adversely affect the party represented by them or the agency for which they act, the parties to the transaction or the very object of the transaction.
Some real estate brokers and agencies offer services in more than one field of practice, i.e. residential and commercial and therefore do not specialize only in commercial transactions.
Just as he must verify the features of an immovable, the real estate broker must know and verify the characteristics of the immovable’s right of ownership under private and public law.
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