Public articles
The use of forms in estate settlement
Whether you are acting as seller’s broker or buyer’s broker, there are cases where you are called upon to act in the context of an estate settlement.
Obligations of real estate brokers and agencies: High-risk areas for pyrite
Pyrite is an iron sulphide molecule present in the stone fill used in construction. It may therefore be found around foundation drains and under the concrete slabs of the cellar or the garage. Under certain conditions, pyrite can oxidize and produce a sort of white powder that swells, causing, among other things, the slab to lift and producing cracks in the foundation and partitions. These problems may appear several years after construction.
House for Sale by Owner
When seeing a "House for Sale by Owner" sign, you initiated the conversation with the owner and offered to do business with him to sell his property. He then tells you: "I do not want to know anything about a brokerage contract, but if you find me a buyer, I'll give you a little something.” Despite that, you start looking for the future buyer, obviously unaware that this approach could cost you a lot.
Providing accurate and verified information: An obligation
Any business relationship is primarily based on the trust established between the broker and his client. To earn someone's trust, you must give him the right information. This supposes that the broker has taken the time to verify his information and that he knows what he's talking about. Whenever the client can detect a flaw or, even worse, an error in the information supplied by the broker, trust erodes to the vanishing point and, along with it, the chances of concluding a transaction.
Fireplaces, stoves and chimneys: Prudence and inspection
When selling an immovable, people tend to neglect a very important step: inspection of the stove or fireplace and the chimney. It is important to remember that these heating devices must comply with the requirements of both the insurer and the municipality.
Which copy goes to whom when signing the paper version of a contract, a transaction proposal or a form?
The OACIQ has sometimes observed a lack of consistency among licence holders in the way the paper versions of completed and signed contracts, transaction proposals or forms are remitted to the parties concerned. In residential real estate, omitting to give a duplicate of the brokerage contract to sell or to purchase to the client can lead to serious repercussions, as we will discuss below.
The real estate broker’s right to compensation after the expiry of the brokerage contract
The Info OACIQ information centre often gets calls from selling owners inquiring about the risk of signing a new brokerage contract upon the expiry of the initial contract. They wonder if they are therefore released of their obligation to pay compensation under the first contract.
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