Public articles
The right of undivided co-owners to exclude a potential buyer
A real estate broker or agency entrusted with the sale of a co-owner’s share in an undivided co-ownership property must know that the other co-owners have the right to exclude a potential buyer.
Sale of an undivided co-ownership property: Attention to the right of the other co-owners
You want to sell or buy a share of an immovable held in undivided co-ownership? Did you know that the other co-owners have precedence over a potential buyer?
Co-ownership: Gross or net area: How to find your way through
You notice differences between the area of your condominium in the promotional document and the one indicated in the description sheet or the cadastral plan? These discrepancies can be explained.
An inspection protects you
Thinking of buying a property? The OACIQ strongly recommends that you have it inspected prior to purchase. Here are the main steps of this process.
Identifying and reporting illegal brokerage
Do you know what does “illegal practice” mean? It is when someone leads you to believe that he is authorized to act as a real estate broker, while he does not hold a valid licence issued by the OACIQ. In Québec, all real estate brokers and agencies must hold a valid licence to practice.
Importance of an up-to-date certificate of location
Whether you are selling or buying a home, the certificate of location is a document that will provide you with very useful information.
Divided or undivided co-ownership: Do you know the difference?
Martyne would like to purchase her first co-ownership property. Her friend Katia asks her if the property is held in divided or undivided co-ownership. Martyne does not know the answer and wonders what the difference might be.
Your broker’s network: valuable resources for your real estate transaction
Doing business with a real estate broker also means having access to a vast network of qualified professionals who will play a key role in ensuring that your real estate transactions goes off without a hitch..
Tips for a successful open house
An open house will soon be held in the property you wish to sell? Your broker will help you before and during the event.
Five things your broker must do or say
Doing business with a Québec real estate broker is to be assured that your transaction is protected.
Notice regarding the notification procedure introduced following the coming into force of the new Code of Civil Procedure
With the coming into force of the new Code of Civil Procedure on January 1, 2016 and, therefore, the authorization to notify by any appropriate method, including by technological means...
The deposit on a promise to lease in residential and commercial real estate
Although leasing is no longer an act reserved for real estate brokers, the fact remains that any real estate brokerage licensee – whether the licence is issued in Quebec or another jurisdiction – who carries out real estate leasing brokerage transactions in Quebec is subject to all the obligations arising from the Real Estate Brokerage Act. Therefore, by dealing with a broker for this type of transaction, the lessee or the lessor benefit from protection mechanisms provided by the Act.
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.
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.
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?
The lessee’s right to maintain occupancy and the repossession of a dwelling by the owner
The Civil Code of Québec grants several rights to the lessee of a dwelling, including the right to maintain occupancy. Basically, this right allows the lessee to occupy the dwelling for as long as he wishes. This means he can only be evicted under very specific circumstances provided in the law. The sale of the immovable does not impact this right, which the new owner must uphold. Not only does the lessee have the right to stay in his dwelling for the duration of the initial lease, but he is also entitled to the automatic renewal of the lease (renewal of right) at term. At term, the lease is renewed for the same period or, if the initial term was more than a year, for a period of 12 months.
The BCS and the buy-back by the co-owning spouse
Mrs. Tremblay and Mr. Rashid are in the process of separating and decide to sell their ranch-style house, which they bought together three years ago. They sign an Exclusive brokerage contract – Sale (BCS) with Mr. Gagné, real estate broker. Two months later, Mrs. Tremblay wishes to buy back her spouse’s share.
OACIQ forms: For better prevention
To fulfil its public protection mission, the OACIQ published no less than fifty forms. They were designed to provide you with maximum protection, while clearly establishing the terms under which the broker will act.
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