Public articles
Instructions to the notary regarding remuneration sharing - Who can do what?
The seller’s broker or agency may instruct the notary to pay directly the buyer’s broker or agency from the proceeds of the sale.
How to use the mandatory form Declarations by the seller of the immovable
The Declarations by the seller of the immovable form, mandatory since July 2012, must be used for all transactions involving the sale, by a natural person, of a chiefly residential immovable containing less than 5 dwellings, including immovables held in undivided co-ownership. For any transaction involving a divided co-ownership, brokers must now use the Declaration by the seller of the immovable – Divided co-ownership form.
Property off the market
Sometimes during the term of an irrevocable exclusive brokerage contract, the seller may no longer wish to sell his immovable. In such a case, and after agreement, the seller’s broker can put an end to the contract (termination) or, if there is no contract termination agreement, must take the property off the market after explaining the scope of this decision to the seller.
Rules surrounding the discharge of an hypothec
To make real estate transactions more secure for all stakeholders, notaries are subject to strict rules regarding the requesting of account statements for the repayment of a loan balance to discharge an hypothec on an immovable.
What forms should be used for the sale of an enterprise?
Under the Real Estate Brokerage Act, the sale of an enterprise remains subject to this Act only if the enterprise’s property, according to its market value, consists mainly of immovable property.
How the trust account becomes an added value
Since the system which supports the opening, maintenance and management of a trust account is based on trust, the following article is intended for all brokers, including agency executive officers.
Residential immovable – subject or not to GST and QST - Declaration to be made in the mandatory new forms of brokerage contract and promise to purchase
The brokerage contract and promise to purchase mandatory forms for residential brokerage include the obligation to specify whether or not an immovable is subject to goods and services tax (GST) and Québec sales tax (QST).
Application of GST and QST to the Sale of a Building Used for Residential and Commercial Purposes
Generally, the sale of a residential complex that is not newly constructed and has not undergone substantial renovations is exempt from GST and QST.(1)
Instructions to the notary regarding remuneration: a specific clause on this subject
Is it possible to have the remuneration agreed to on my brokerage contract to purchase paid by the notary directly from the proceeds of the sale?
How to prepare for an inspection
An inspection should be seen as a privileged opportunity for training and prevention. The Inspection Department is responsible for overseeing the activities of the members of the OACIQ, specifically by verifying their records, books and registers.
Factors that may affect the decision of a buyer
Any broker has the obligation to inform the parties engaged in a transaction of any known factor that may adversely affect buyers or sellers or the very object of transaction.
Remuneration to be paid to the broker’s business corporation by the broker’s agency
Since January 1, 2012, a broker acting on behalf of an agency has been able to carry out his activities within a business corporation (company) which he controls. The remuneration formerly payable to the broker will therefore be payable to this corporation.
Disclosure of remuneration: The Inspection Department is keeping a close eye on things
Transparency is required in any real estate transaction. In terms of remuneration, you must disclose in writing to the party you represent the conditions of remuneration sharing offered to agencies or brokers collaborating in this transaction, and the consequences generated by the proposed conditions.
Building inspection guide: Broker’s responsibilities
Building inspection is an essential step when purchasing a house.
Attempts of fraud targeting real estate agencies and brokers: be careful!
Recently, Info OACIQ Center has received many calls from real estate brokers regarding a fraud scheme that has already been detected and which seems to have resumed again.
Water supply, wells and septic tanks
When a transaction concerns a property that is not serviced by a municipal water system or equipped with a wastewater treatment system, financial institutions usually want assurances that the water is drinkable or the system is up to code before authorizing a loan.
Record documentation is every broker’s business
Providing the documents needed to maintain records and registers is an integral part of the requirements to practice the profession. To help you meet these requirements, here’s a reminder of steps you must take, followed by useful information sources.
Refused transaction promises • A reminder on broker and agency obligations
When a transaction promise is refused or becomes null and void due to the absence of reply, several brokers have gotten into the bad habit of not forwarding the promise to purchase and other transaction documents to their agency, thus violating the provisions of the Real Estate Brokerage Act.
Competency verification: a tool to improve our profession’s image
As always, the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) carries out inspections as part of its mission. The role of Inspection Committee is to oversee the activities of agencies and brokers acting on their own account, as well as brokers’ competency.
The agency’s duty to supervise all the brokers
One of the responsibilities of an agency executive officer is the duty to supervise ALL licence holders acting on the agency’s behalf. The agency executive officer has primary responsibility within the agency.
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