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.
As of July 1, 2012, all brokers can start using InstanetForms MC, the brand new tool for the OACIQ electronic forms. This tool will offer you benefits such as a better compatibility with major Web browsers and tablet computers (including the iPad).
The OACIQ did not publish any mandatory form for contracts concluded in mortgage brokerage field. However, regulations now provide statements which must necessarily be contained in any contract concluded with a borrower, by which a broker agrees to act as intermediary to obtain a loan secured by immovable hypothec.
On February 16, 2012, La Presse published an article entitled Courtage immobilier : bientôt un meilleur encadrement (Real Estate Brokerage: soon a better supervision) in which it is stated that it will be mandatory to sign an exclusive brokerage contract when a buyer wishes to be represented by a broker. This statement has raised many questions and needs to be qualified.
Are you one of the 75% of brokers who did not respond to last week’s call regarding the registration for the mandatory training on the new forms? Indeed, only 25% of licence holders signed up for the training to date, and 16% of them completed it.
We are almost there. On July 1, 2012, the OACIQ new forms will come into force and will be the only ones to be used.
(Updated in August 2012)
Is it possible to have the remuneration agreed to on my Brokerage contract - Purchase paid by the notary directly from the proceeds of the sale?
My buying client would like his mortgage to include the remuneration due to me under my brokerage contract - purchase. Is this possible?
Are you one of those brokers who have not yet completed the online training currently underway?
Can I guarantee to my client the sale of his property and thus acquire it if the sale does not take place with a third party before the deadline?
All will depend on your real intention.
Are you a real estate broker with a full-service licence or a licence restricted to residential real estate? As of April 23, 2012, you are invited to register and start the mandatory online training on the new elements and amendments to forms.
Sometimes a real estate or mortgage broker can be faced with an illegal brokerage situation as part of his brokerage transactions. In such situations, there are particularly activities relating to mortgage fraud, putting public protection at increased risk. Here are a few examples of illegal and fraudulent practices, brought to the attention of the Organization’s investigators in the course of their investigations.