Pyrite issues have been identified in cities of the Greater Montreal area. The OACIQ urges real estate brokers to inform their clients of the problems related to pyrite and to recommend the specific actions described below.
During a real estate transaction, whether you're a seller or buyer, how can you be sure you are giving or getting a clear picture about the possibility that the property is located on a former landfill site or that it is affected by radon, pyrite, dry rot, etc.?
Your property or the property you are considering to purchase has sustained damage following a natural disaster? Here are the answers to some questions you may ask.
Following a report on the program La Facture on September 18, 2018, the OACIQ would like to make the following clarifications.
Radon can build up in a home. Here’s how to prevent radon problems before a transaction.
Experiencing a flooding is painful. Due to stress and urgency, an affected homeowner may forget to take certain precautions that could be of great importance during a potential sale.
Insuring an immovable with an oil tank that is aging(1) or has been improperly or inadequately maintained can prove difficult. This in turn could jeopardize a transaction. When selling such an immovable, real estate brokers must be mindful of their duty to inform and advise, which will help reduce the problems that the presence of such a tank can cause.
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.
When a promise to purchase provides for a pyrite test and a real estate broker specifies a percentage above which the buyer can withdraw in the clause, the broker can be considered at fault professionally. This practice, which has often been reported to the Organization, presents a serious risk to clients.