Public articles
On the promise to purchase forms : how to provide for the financing of renovations or taxes
Financing of renovations
As soon as they return from their honeymoon, Mrs. Rhonda Higgins and Mr. Osvaldo Heredia visit 17 houses in less than a month with their broker, Aimée Detousse. Mrs. Higgins and Mr. Heredia are bound by a mortgage brokerage contract (MBC) to mortgage broker Karina Tarinova.
Environmental issues: Internet resources to keep
Here are a few Internet resources to keep on hand for more information on the following issues that may arise during a building inspection or following an expertise:
OACIQ forms: For better prevention
To fulfil its public protection mission, the OACIQ published no less than fifty forms. They were designed to provide you with maximum protection, while clearly establishing the terms under which the broker will act.
Commercial immovable or enterprise: What a brokerage contract or transaction proposal must contain
The OACIQ did not develop any mandatory forms for brokerage contracts and transaction proposals involving an immovable containing five dwellings or more, a commercial or industrial immovable, an enterprise or a vacant land.
The control of a corporation and the right to remuneration
The Real Estate Brokerage Act provides that when a broker has the control of a corporation and that the corporation acquires an interest in an immovable, the broker is not entitled to his remuneration.
What to do when a deposit is received by electronic funds transfer rather than by cheque
It is more and more common for deposits on real estate transactions, whether residential or commercial, to be made by electronic funds transfer. Here is how to proceed in such cases. First, it is crucial to indicate on the transaction proposal (promise to purchase or to lease) that the deposit will be paid by electronic funds transfer.
Records and registers: What to do in case of disaster (fire, flood)
Unfortunately no one is safe from disasters; such events are usually unforeseeable and can partially or completely destroy records and registers of an agency or broker acting on his own account. But there are precautions that can be taken to avoid the loss or destruction of your records and registers due to a flood or fire.
Assignment of debt from an agency to its broker
The only persons who can receive remuneration from the client under a brokerage contract to sell or buy are the real estate agency or the real estate broker acting on his own account. When a client refuses to pay the remuneration agreed to in the brokerage contract, only these persons are authorized to initiate contractual civil proceedings against this client.
What to do in the event the seller passes away
The brokerage contact is not automatically terminated due to the client’s death. However, certain actions should be taken.
Are you preoccupied by the occupancy date?
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.
The difference between a termination and an off-market property
The impacts are different.
From undivided co-ownership into divided co-ownership: marketing of an immovable being converted
Sooner or later, a broker can be called upon to market an immovable held in undivided co-ownership, which is being converted into a divided co-ownership. Since these two types of co-ownership have significant differences, it is essential that the information published in the information dissemination services, such as Centris, be clear and properly transmitted to avoid any ambiguities for both the consumer and the broker collaborating in a transaction.
Shedding light on hidden defects
In real estate field, a defect is considered hidden if it has all the following features: […]
The time frame required for obtaining a mortgage undertaking
A time frame is indicated in the Promise to purchase to provide the seller with a copy of the mortgage lender’s undertaking to grant the buyer a loan that meets the specified conditions. It must be adapted to the constraints of the market and allows meeting the requirements and procedures of lenders. With a few exceptions, it should be about 14 days, taking into account weekends in order for the due date not to fall on a Saturday or a Sunday and be even longer when there are statutory holidays.
Properties for sale subject to repossession by the CMHC
Here are the accepted rules established by the OACIQ in this regard for all repossessed properties.
Remuneration paid by the agency to a broker’s business corporation: did you check properly before making the payment?
In compliance with the conditions set out in the regulations, a broker acting on behalf of an agency may get from the OACIQ the authorization to carry out his activities within a business corporation. Where appropriate, the remuneration formerly payable to the broker by the agency will now be paid to his corporation. However, the Inspection Department noted that some agencies make remuneration payments to corporations without first ensuring that the brokers who are shareholders in these corporations comply with the Act and regulations that apply to the practice within a business corporation.
What is the time frame to allow between the date of the signing of the notarized deed and the occupancy date?
Does your buyer want to move into his new house upon signing the deed of sale, since he has become its owner? Does the seller prefer to wait to receive his money before handing over the keys to the buyer?
Cancelling a promise to purchase following an inspection
This column presents situations that come from actual cases referred to Info OACIQ, as well as concrete examples of things one should and should not do.
The importance of providing sufficient timelines in clause R2.3
This column presents situations that come from actual cases referred to the OACIQ Info Centre, as well as concrete examples of things one should and should not do.
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.
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