When the seller of a residential immovable with less than five dwellings chooses to deal through a real estate broker or agent, he must sign a brokerage contract.This agreement gives the broker the right to act as the exclusive or non-exclusive intermediary for a specific period.
The content of the brokerage contract is prescribed by the By-law of the OACIQ, and neither the broker nor the consumer may delete anything from it. Part of this contract is negotiable and the specific conditions and expectations of the seller may be spelled out in it.
In particular, the agreement specifies the amount of the broker’s remuneration and under what conditions it will be paid. This remuneration is generally established on the basis of a percentage of the property’s selling price, though it may also be a lump sum, and must be paid to the broker.
The contract only takes effect upon receipt by the customer of a duplicate of the contract signed by both the client and the broker or agent. Unfortunately, it may happen that the broker or agent settles for providing a photocopy or forgets to sign the duplicate. These omissions, though insignificant in appearance, may invalidate the brokerage contract.
Tip:
Take time to read your contract with your broker or agent before signing it and don’t hesitate to ask questions if you haven’t understood certain clauses. You will find a lot of additional information on the back of the contract. Note that the Info OACIQ Information Center is also at your disposal for any additional information, at (450) 462-9800 or at 1 800 440-7170.
