Forms and contracts
Before you buy or sell a property, why not take a little time to review the OACIQ’s mandatory and recommended forms used by your broker? They will give you a good idea of the main steps involved in a real estate transaction.
Please note that these forms are provided for illustration purposes only and cannot be used for an actual transaction.
The seller remains free to refuse a promise to purchase even if it meets all the conditions in the brokerage contract
In 2010, the Court of Appeal, the highest court in Québec, handed down a major decision for real estate brokerage in a case where the Association des courtiers et agents immobiliers du Québec (ACAIQ) – now the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) – appeared, first in the trial court, and later in the Court of Appeal, to argue its position.
The OACIQ has recently announced that as of December 1, 2012, the following forms must be used to conclude the lease of a dwelling: New forms for residential lease
On October 24, 2012, the OACIQ announced the availability of the following forms which will be recommended for transactions concerning a vacant lot, a commercial or industrial immovable or a chiefly residential immovable containing five dwellings or more.
Promise to purchase and financing of an immovable – The importance of the section relating to new hypothecary loan
Financing can make or break a real estate transaction. Therefore, in order to properly advise his clients, it is important that a real estate broker fully understand the obligations relating to new hypothecary loan. These obligations can be found under section 6 of various mandatory Promises to purchase forms of the OACIQ, namely:
Procedure when concluding a brokerage contract or promise to purchase by fax.
Distribution procedure for signed copies of a brokerage contract or promise to purchase.
Good professional practices dictate, among other things, that an agent should discover and disclose any unfavourable factor related to an immovable in order to inform the buyer. To do so, he must question the seller and inform him of his obligations.
Whether you are the listing agent or a collaborating agent, your professional services may be required in the settlement of an estate. What happens with the use of mandatory forms in such a case?
Concerning the sale of a house by its builder or a developer to a natural person who acquires it for their own use, the Civil Code of Québec calls for the use of a preliminary contract, even if the parties involved are represented by a real estate agent.
Special requirements on the part of the seller and obligation to present any promise to purchase as soon as possible
Sometimes a seller may have particular requirements regarding the timing for submitting promises to purchase to him regarding an immovable for sale. For example, a seller may want to consider all promises to purchase at the same time, on a predetermined date.