First-time Buyers: Practical Tips for When It's Time to Leave the Nest

The essentials for buying with confidence

Doing business with a real estate broker gives you access to the protections provided by the Real Estate Brokerage Act. Buyers’ options include signing a brokerage contract to purchase with an OACIQ-licensed real estate broker who will work exclusively for them, or obtaining fair treatment from the seller's broker. Here is the difference:

Being represented by a real estate broker means mandating a professional to defend your interests and provide you with personalized advice and support.

Receiving fair treatment means obtaining objective information about all the facts relevant to the transaction and the rights and obligations of all parties. In this case, the real estate broker is working for the seller's interest, not yours.

To fully understand the distinction between representation by a real estate broker and fair treatment, see this guide.

Important! To make their promise to purchase more attractive, some buyers may be tempted to waive protection mechanisms, such as the pre-purchase inspection and the legal warranty. However, this exposes them to significant risks and may limit their possible recourse should any problems arise.

A pre-purchase inspection conducted by a member of a recognized professional association helps identify major problems, such as foundations that need to be redone or an unsafe electrical system, so that costly renovations can be avoided or taken into account in the price offered. Similarly, the legal warranty of ownership and quality protects buyers against title defects and latent defects — even those unknown to previous owners — that may be discovered once the transaction has been completed.

An up-to-date certificate of location, as required by most mortgage lenders, provides a clear picture of the property in terms of titles, encroachments and applicable laws and regulations. It helps identify servitudes, flood zones, risk areas and municipal restrictions that may influence the purchase decision. A real estate broker can carry out the necessary verifications to ensure that everything is compliant.

Find reliable and centralized information

In any real estate project, it is important to find out about your rights, obligations and prudent behaviours to be adopted to make informed decisions. Young buyers may sometimes find it difficult to know where to find reliable and easily accessible resources.

The OACIQ website offers a plethora of free tools in various formats, such as the Buyer's Guide, which outlines in detail the various steps of a real estate transaction, from searching for a property to moving in. The Buyer's Guide is also available as a podcast.

The virtual agent Élise uses artificial intelligence to answer general questions based solely on Québec legislation and the Organization's data. The Info OACIQ agents can be reached during the week, by email or telephone, for answers to more specific questions.

During their transaction, first-time homebuyers will meet many professionals who have a role to play. This information leaflet will help you better understand who does what.

Protections and help ressources

Buyers who choose to enlist the professional services of a real estate broker benefit from additional protections. The OACIQ requires using standardized official forms at each step of the real estate transaction to ensure compliance with the rules. Should a problem arise with a broker, a request for assistance can be filed directly with the OACIQ. The request will be analyzed and, if an ethical offence has been committed, the broker could be sanctioned by the OACIQ Discipline Committee.

Various funds insure the professionalism and integrity of brokers. The Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ) may compensate a consumer in case of fault, error or omission committed by a real estate broker in the course of his or her professional activities, whereas the Fonds d’indemnisation du courtage immobilier (FICI) offers protection in case of fraud or fraudulent tactics.

Most real estate transactions go off without a hitch. In 2023:

• Almost 78,000 properties changed hands
• The OACIQ received approximately 3,000 assistance requests, including 68 complaints were filed with the Discipline Committee.

Information remains the best protection for a smooth and secure real estate transaction. It is advisable to visit this website often, as the OACIQ regularly adds useful resources for consumers.