Public articles
Report on the Application of the Real Estate Brokerage Act: the OACIQ's reply
The Minister of Finance tabled the Report on the Application of the Real Estate Brokerage Act. In response to this report, the OACIQ has prepared a brief in which the Organization takes a stance on all the issues raised by the Minister. Please find below the report. We also invite you to review the summary and highlights of the OACIQ brief and view the video of Mr. Serge Brousseau, Chairman of the board of Directors of the OACIQ.
Agreement with the Association des thermographes en inspection de bâtiments
The OACIQ is pleased to announce the signing of an agreement with the Association des thermographes en inspection de bâtiment (ATIB). Founded in 2012, this non-profit organization includes building inspectors and thermographers wishing to provide recognized quality services in building inspection and thermography.
Capsule of Info OACIQ - Providing proper advice regarding the use of forms
Can a broker, following an inspection and at the request of the parties, draft an Amendments form to document the fact that a sum of money for repair work will be paid by the seller at the time of signing?
Supreme Court decision: An accepted promise to purchase is not enough to claim remuneration
On June 25, 2015, the Supreme Court of Canada handed down an important judgment concerning a broker’s right to remuneration when a promise to purchase is accepted (Place Mullins v. Services immobiliers Diane Bisson inc. 2015 CSC 36).
Special practices in commercial real estate brokerage
During the review of requests submitted to it, the Assistance Department noted that certain practices used in commercial real estate brokerage do not promote collaboration or go against the regulations. The aim of this article is to inform commercial real estate brokers of good practices to be adopted to avoid certain disputes. Here are a few examples:
CMHC is modifying its policies regarding loan insurance for homeowners
CMHC is implementing policy modifications concerning loan insurance for homeowners (including rental) 1 to 4 unit properties and providing greater clarification on the requirements surrounding the verification of the borrower’s income and employment. One of the changes is that since June 30, 2015, CMHC no longer allows cash backs granted by the lender to be used as down payment to satisfy minimum equity requirements. To learn about these changes and their effective date, read the following text of the CMHC: http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/rean/rean_056.cfm.
Subscription service to electronic forms
We are in an era where everything is available electronically. The real estate brokerage field is no exception. Considering the habits of most brokers and consumer needs, we decided to prioritize the use of OACIQ electronic forms through the InstanetFormsTM platform.
Commercial brokerage: confidentiality of information and duty to collaborate
The commercial real estate broker often faces a dilemma when it comes to respecting his duty to collaborate with other brokers, while ensuring that sensitive information regarding the sale of a business is not disclosed to a competitor, for instance. Since all brokers are subject to the duty to collaborate, the broker who engages in commercial transactions will not evade his duty to share information and to agree in advance to share remuneration with a buyer’s broker. So how to reconcile everything?
Clarifications about financing and inspection deadlines
Are statutory holidays, such as Easter Monday, Québec National Holiday and Labour Day, as well as weekends, counted in the deadlines provided for the obtainment of a mortgage undertaking and for building inspection?
Mould contamination in homes used as marijuana growhouses
In the last several years, the culture of cannabis, also known as marijuana, has seriously expanded across Canada.
Who owns an agency’s brokerage contracts?
The answer to this question resides in the parties to the brokerage contract. In this case, the brokerage contract is entered into by the selling owner and the agency, which is represented by the broker. The broker is not a party to the contract per se.
Firms accredited by the OACIQ for electronic document management (EDM)
The OACIQ believes that the proper use of an EDM system promotes compliance with regulatory standards adopted under the Real Estate Brokerage Act (R.S.Q., c. C-73.2) for the keeping of records, books and registers.
Resolutory clause or 180-day clause
One of the main advantages of the mandatory Brokerage contract – Sale is the protection granted to brokers by the resolutory clause or 180-day clause.
The lessee’s right to maintain occupancy and the repossession of a dwelling by the owner
The Civil Code of Québec grants several rights to the lessee of a dwelling, including the right to maintain occupancy. Basically, this right allows the lessee to occupy the dwelling for as long as he wishes. This means he can only be evicted under very specific circumstances provided in the law. The sale of the immovable does not impact this right, which the new owner must uphold. Not only does the lessee have the right to stay in his dwelling for the duration of the initial lease, but he is also entitled to the automatic renewal of the lease (renewal of right) at term. At term, the lease is renewed for the same period or, if the initial term was more than a year, for a period of 12 months.
Chain transactions…allow a time period for the signing of the deed of sale
When it comes to signing the act of sale before the notary, a common concern for the seller is to get his money as quickly as possible or to schedule a quick signing date. Remember that before distributing funds, the notary must always publish acts and perform many checks in the Land register, in addition to obtaining from the creditor a commitment to cancel the existing charges (for example the seller’s mortgage).
The guarantee for new residential buildings
Any buyer of a building referred to in the Regulation respecting the guarantee plan for new residential buildings has an unwaivable mandatory guarantee plan.
Co-ownership documents: Essential for an informed decision
To answer some questions regarding the co-ownership documents, here are the good practices to be adopted.
The BCS and the buy-back by the co-owning spouse
Mrs. Tremblay and Mr. Rashid are in the process of separating and decide to sell their ranch-style house, which they bought together three years ago. They sign an Exclusive brokerage contract – Sale (BCS) with Mr. Gagné, real estate broker. Two months later, Mrs. Tremblay wishes to buy back her spouse’s share.
Commercial real estate brokerage: when a broker leaves an agency
Sometimes a broker changes agency, decides to act on his own account or retire. The rules set out in the Regulation respecting brokerage requirements, professional conduct of brokers and advertising regarding agency change notices, including sections 24 and 26*, also apply in the commercial field.
Open house visits: security first!
Even though the vast majority of open house visits run smoothly, it’s better to be cautious, because to be informed by a seller that valuables have disappeared is never pleasant.
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