Public articles
Certificate of location dating back more than ten years: What you should know?
Under various brokerage contract and promise to purchase forms edited by the OACIQ, the seller undertakes to provide the broker or the buyer, as the case may be, with a certificate of location “describing the current state of the immovable.”
Obtainment of the certificate of location: what clause should be used in the promise to purchase?
Should the broker make the promise to purchase conditional upon the submission and examination of the certificate of location by using clause 9.1?
The certificate of location describing the current state of the immovable: important elements to remember
The seller has the obligation to provide one. Read the article for more details.
Is it possible to deposit compensation amounts in a trust account?
Is it possible to deposit compensation amounts in a trust account? This question was raised at the OACIQ Annual General Meeting of May 13, 2015. The answer is yes. Indeed, nothing prevents compensation amounts from being deposited in a trust account according to one of the two options described below.
Mortgage approval: the document required
In accordance with clause 6.2 of all promise to purchase forms, the buyer must provide the seller with a copy of the undertaking by a hypothecary lender to grant the amount of the loan applied for. This undertaking must be real and without conditions. But exactly what document must the buyer provide to the seller to satisfy clause 6.2?
Preservation of documents bearing one or more electronic signatures: Good practices
Do you use electronic signatures in your transactions? Good! Here’s how to keep and archive them according to generally accepted practices in several everyday situations.
When a party does not show up for its appointment with the notary
You are sitting at the notary’s, desperately waiting for the other party to show up for its appointment. After more than an hour, the other party still does not show up. What is going on? Although the date indicated under clause 11.1 of the Promise to purchase is not a mandatory delay, the consequences can be many for a party that fails to show up at the notary’s on the appointed date.
Is Incorporation Right for my Situation From a Tax Point of View? or “What Brokers Acting on behalf of an Agency Should Know Before Planning to Practice Through a Corporation”
As of January 1, 2012, brokers who act on behalf of an agency may carry on brokerage activities through a business corporation under their control, in accordance with the terms, conditions and rules set out in the Real Estate Brokerage Act and determined by the OACIQ.
Pyrite or pyrrhotite: throwing rocks in the gears of a transaction
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.
Ten handy tips from the Inspection Department
As you know, small changes in field practices are always desirable and can alleviate great risks. Here are some tips based on recommendations frequently made by inspectors.
Are you familiar with umbrella mortgages?
In recent years, many people have unknowingly taken out an umbrella mortgage to finance the purchase of their homes. This mortgage product is now so common that some financial institutions have even limited their mortgage loan offers to umbrella mortgages. Despite its frequency, this product, also referred to as a collateral mortgage or a mortgage security deed, is not well known to members of general public who are more familiar with the so-called traditional mortgages.
Your training activities: important advertising elements
The Continuing Education Program was not only created to maintain and develop brokers' skills throughout their career, but also to increase the credibility of the profession in the public eye.
Selling a property with a heat pump: Watch out for drafts
When a brokerage contract is signed, the broker may note that the property has a heating or air conditioning unit installed, a heat pump for instance. This type of unit has often been purchased by the owner under an instalment sale contract with a merchant. What are the ramifications for the broker when selling an immovable with a heat pump?
Canada’s Anti-Spam Law: requirements for sending commercial electronic messages
Since July 1, 2014, Canada’s Anti-Spam Law has been imposing a change in the way you solicit clients electronically.
In case of bankruptcy or conviction, informing the OACIQ is essential
Keeping your record up-to-date is not only very useful for the Organization, but is a professional obligation set out in the Real Estate Brokerage Act to protect the public.
The commercial real estate requires considerable expertise!
Are you familiar with the commercial real estate brokerage? This area of practice requires very specific knowledge and skills. If a broker holds a full-service licence, he must master concepts that can be acquired only through training and diligent practice in order to be able to act according to generally accepted practices in his area of practice. Although having a full-service licence is sufficient to practice in the commercial real estate field, if the usual area of practice is residential real estate, it could be useful to take additional training and seek the help of another broker to practice in this field as appropriate.
Report on the Application of the Real Estate Brokerage Act: the OACIQ's reply
The Minister of Finance tabled the Report on the Application of the Real Estate Brokerage Act. In response to this report, the OACIQ has prepared a brief in which the Organization takes a stance on all the issues raised by the Minister. Please find below the report. We also invite you to review the summary and highlights of the OACIQ brief and view the video of Mr. Serge Brousseau, Chairman of the board of Directors of the OACIQ.
Agreement with the Association des thermographes en inspection de bâtiments
The OACIQ is pleased to announce the signing of an agreement with the Association des thermographes en inspection de bâtiment (ATIB). Founded in 2012, this non-profit organization includes building inspectors and thermographers wishing to provide recognized quality services in building inspection and thermography.
Capsule of Info OACIQ - Providing proper advice regarding the use of forms
Can a broker, following an inspection and at the request of the parties, draft an Amendments form to document the fact that a sum of money for repair work will be paid by the seller at the time of signing?
Supreme Court decision: An accepted promise to purchase is not enough to claim remuneration
On June 25, 2015, the Supreme Court of Canada handed down an important judgment concerning a broker’s right to remuneration when a promise to purchase is accepted (Place Mullins v. Services immobiliers Diane Bisson inc. 2015 CSC 36).
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