Receipt of a promise to purchase that is not drafted on an OACIQ form: Broker's obligations

The seller’s broker must present his client with all transaction proposals he receives, including those drafted on a document that is not an OACIQ form, pursuant to section 102 of the Regulation respecting brokerage requirements, professional conduct of brokers and advertising. When a promise to purchase that is not recorded on an OACIQ form is received, the broker must properly advise his selling client in order to protect him. 

It may be necessary in this situation to advise the seller to add or modify certain conditions set out in the promise to purchase by using the OACIQ mandatory form Counter-proposal to a promise to purchase. The broker may also advise his client to include a condition in the Counter-proposal stating that the offer must be drafted on an OACIQ mandatory form so that his selling client and all the parties to the transaction can be protected.