Frequently Asked Questions
(FAQ)
Why should I use a real estate broker?
A real estate broker offers you many advantages and protections that you don't have on your own or with an online sales company. For example, the broker takes charge of every step of your transaction. You benefit from his solid network of professionals, his expertise and his skills, both in appraisal and negotiation. A broker is a wise advisor. What's more, you have access to Info OACIQ to help you throughout your transaction, and you're protected by the fact that all brokers contribute to the Fonds d'assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ) and the Fonds d'indemnisation du courtage immobilier du Québec (FICI).
How is the broker's commission determined?
The rate or percentage of broker compensation is not determined by the Real Estate Brokerage Act, the OACIQ, or any other law.
In real estate, compensation, also known as commission, is determined through free competition. It is typically calculated as a percentage of the property's selling price and is paid when the deed of sale is signed. However, it can also be a flat fee or an hourly rate, and the timing of payment can vary based on your broker's business model. It's important to have a discussion with your broker about this, as these details need to be specified in your contract from the beginning, regardless of whether you're buying or selling.
Your contract should specify the percentage or amount that your broker agrees to share with any other broker involved in the transaction.
If I receive several promises to purchase at the same time, can I select the one I want?
Of course! Your real estate broker is obligated to present to you all the offers to purchase that they receive. Furthermore, they can assist you in making the best decision because each offer is unique. You might be inclined to choose the offer with the highest price, but factors such as the buyer's home sale, the inspection period, the possession date, and inclusions and exclusions can also significantly impact your decision.
Your broker's expertise will help you evaluate the impact of all the conditions associated with a promise to purchase and find the right balance between them and the price.
Can I post my property on Centris®, even if I don't work with a real estate broker?
Only real estate brokers can list a property on Centris® since it is an information dissemination service specifically for real estate professionals. To list your property on Centris®, you must retain the services of a broker. You cannot hire a broker solely to post your property on Centris®; the broker is responsible for overseeing the entire transaction.
When your broker lists your property on Centris®, all other brokers with access to Centris® are informed that your home is on the market. This makes it available to all potential buyers, providing an advantageous showcase for your property.
I want to sell my house; do I have to fill out the Declarations by the seller of the immovable?
Yes. When you enlist a real estate broker to sell your home, you are required to complete the mandatory Declarations by the seller of the immovable with the broker to the best of your knowledge. This is a security measure for both you and the buyer. If you refuse to fill it out or sign it, the broker will not be able to carry out the brokerage contract with you.
Is my Certificate of location still good?
A new Certificate of location is needed when there are changes to the property. This includes new easements like a right of way or a Hydro line, changes in risk zones such as flood zones, or modifications to the property such as buying or selling part of the land or making cadastral renovations. Any changes like building an extension to the house, constructing a garage, swimming pool, or shed, or adding a fence or hedge also require a new certificate of location.
The Chambre des notaires du Québec and the Organisme d'autoréglementation du courtage immobilier du Québec advise their members to request a Certificate of location that is less than 10 years old, even if no changes have been made to the property. Additionally, the lending company or a careful notary may also request a recent certificate to verify the current condition of the property.
Should I get an inspection before buying?
Your broker is obligated to recommend an inspection and can provide you with a list of inspectors who meet specific requirements:
- Hold professional liability insurance against fault, error, or omission;
- Use a recognized inspection service agreement;
- Perform inspections in accordance with a recognized building inspection standard of practice;
- Provide a written report to the party using their services.
Sources : https://www.oaciq.com/ and https://oagq.qc.ca/
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