The five duties and obligations of the real estate broker
When enlisting the services of a real estate or mortgage broker, a person has the right to expect professional services. At the OACIQ (Organisme d’autoréglementation du courtage immobilier du Québec), we ensure that!
The role of the OACIQ in your transaction
Real estate and mortgage brokers are professionals supervised, trained and inspected by the OACIQ. By dealing with a broker, you are protected by the Real Estate Brokerage Act and it is the OACIQ that is responsible for enforcing the duties and obligations set out therein to ensure that your real estate or mortgage transaction goes smoothly and securely.
Now that you know a bit more about the context in which they operate, here is an overview of the duties and obligations of real estate or mortgage brokers.
In particular, a broker must:
1. Be transparent
Your broker must always act with utmost transparency and integrity. He is also required to inform all the parties to a transaction of any factor of which he is aware that may adversely affect the transaction.
EXAMPLE: Does he have a personal interest in the property you are considering? Or does he refer you to a specific financial institution from which he receives compensation? He must inform you in writing and without delay. If neighbours say that the property you are considering to buy was used to grow cannabis, your broker, who is aware of the situation, must inform you about it.
2. Inform and verify
Your broker must be able to demonstrate the accuracy of the information he is providing using proper documentation. He is also responsible for all the information he disseminates.
EXAMPLE: He must carry out the usual checks, notably regarding the amount of municipal and school taxes, as well as any other information contained in the property’s description sheet (year of construction, lot size and area, etc.). He must also verify the identity of all the parties to a transaction.
3. Be loyal
Your broker is bound by a duty of loyalty to you. He must promote your interests and protect your rights.
EXAMPLE: He must present you with all the properties available on the market that meet your requirements, or explain to you why he chose not to present you with certain ones.
4. Provide sound advice
Your broker must advise and inform you objectively.
EXAMPLE: He must explain and make sure that you fully understand all the clauses of the forms he is asking you to sign.
5. Be available
Your broker must ensure a reasonable degree of availability.
EXAMPLE: He must ensure that all communications are dealt with and all files are properly followed up. Otherwise, he must designate another broker as a replacement. The executive officer of the real estate agency for which he acts may also take over.
Are you wondering if your broker has fulfilled all his duties and obligations?
The OACIQ’s mission is to protect you. Don’t hesitate to contact the information centre Info OACIQ by email at [email protected] or by phone at 450-462-9800 or 1-800-440-7170. An information agent will be able to inform you about the duties and obligations of your broker and direct you to the appropriate resources, if necessary. You may also check the protection mechanisms made available to you by the OACIQ on oaciq.com.