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Not satisfied with your real estate transaction? The OACIQ can help

The property’s area was incorrectly calculated? The contract did not accurately describe the inclusions or exclusions? You believe your broker did not properly verify the ownership titles on the property you just purchased? The OACIQ can help.

Each transaction is unique. Whether you are looking for your dream condo or selling your bungalow, your real estate or mortgage broker has a duty to lend his or her expertise, advise you, and protect your interests.

 

To make sure that transactions are properly carried out, all brokers must meet certain requirements, which include completing a basic training program and successfully taking an exam administered by the OACIQ. Throughout their careers they are also enrolled in a mandatory continuing education program and regularly undergo preventative inspections conducted by the OACIQ. In addition, all brokers must comply with a code of ethics that governs their practice.

 

These rules of conduct – as well as your recourses should something go wrong – are enshrined in the Real Estate Brokerage Act and its regulations, which the OACIQ is responsible for enforcing. Here is what you should do if this situation occurs:

 

  1. Note the key elements of your complaint and gather all relevant documents (brokerage contract, promise to purchase, annexes, etc.);
  2. Complete the Request for assistance form available on our website, and submit it along with a copy of your documents. If you need help completing the form, contact the Info OACIQ Information Centre and an agent will assist you.

 

Your case will be reviewed by an analyst from our Public Assistance Department, who will verify if the broker concerned acted according to proper practices. Following this analysis:

  • If the problem is due to a lack of experience or knowledge on the part of the broker, he or she may receive a warning or be required to take additional training;
  • If the analyst has reason to believe that the broker violated the Real Estate Brokerage Act or the regulations thereunder, your request could be forwarded to the Syndic for investigation. If necessary, the Syndic may file a complaint with the OACIQ Discipline Committee.

If the broker is found to have committed an offence, a fine ranging from $2,000 to $50,000 could be imposed. You may also be able to obtain compensation, based on the loss suffered and under certain conditions, from one of the following funds:

 

You will receive guidance throughout these processes, which are available to you free of charge.

 

For more information on the OACIQ’s:

 

Questions? Our Info OACIQ agents will be glad to answer them:

info@oaciq.com
450-462-9800/1- 800-440-7170