A new tool for an optimal real estate transaction!
The Declarations by the seller of the immovable – Divided co-ownership form
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is pleased to announce the coming into force of the mandatory form Declarations by the seller of the immovable – Divided co-ownership for consumers dealing with a real estate broker. Since July 1, 2018, future buyers or sellers of divided co-ownership properties have been even better protected with this new form designed by the OACIQ specifically for this market. It enables the seller to declare the current state of his property to avoid potential lawsuits and allows the buyer to have all the details to make an informed decision.
“As a regulator of real estate brokerage, the OACIQ designs all brokerage forms so that the transactions of consumers dealing with a broker can be well supervised. With the increasing volume of sales and purchases of co-ownership properties, the Organization deemed it necessary to design this new form adapted to this particular reality, for the greater benefit of consumers,” said Nadine Lindsay, President and Chief Executive Officer of the OACIQ.
A unique protection for the buyer and the seller
This mandatory form must brought to the attention of the buyer and is inextricably linked to the Promise to purchase. Its specific questions, which the seller must answer to the best of his knowledge, allow the buyer, for example, to know if the property is rented or has already been rented or if it is equipped with safety devices such as sprinklers. In addition, the form will enable the buyer to learn about the existence contingency fund and the details of common services available, such as a swimming pool, a terrace, etc.
“A real estate transaction can be complex and buying or selling a co-ownership property has plenty of specifics. It is to better protect consumers that we designed this form, just like all the actions we undertake as part of our mission,” concluded Nadine Lindsay.
The OACIQ has been contributing for many years to various initiatives related to the tightening of co-ownership supervision. In addition to designing the Declarations by the seller of the immovable – Divided co-ownership form, the OACIQ takes part in a working group on co-ownership and is committed to putting its expertise in support of Bill 401 recently tabled by the Minister de l’Habitation et de la Protection du consommateur whose aim is also to ensure a better supervision of the co-ownership field.