Before buying
BEFORE YOU BUY: Making sure you are well prepared
Whether this is your first home purchase or whether you’ve been through this process before, making sure you get the support and advice you need throughout this exercise is a wise decision. Moreover, doing it this way enables you to benefit from the protection mechanisms provided under the Real Estate Brokerage Act.
To make sure you are well prepared, we recommend that you first learn about a broker’s duties and obligations. It is the broker’s responsibility to inform and advise you properly, in accordance with his skills and his code of ethics. You may ask him any question that comes to mind; that’s what he’s there for.
For example:
- What is the Declarations by the seller of the immovable form?
- Do I have to get a mortgage pre-approval before I start looking for a property?
- Who are the professionals with whom I will be dealing during the transaction process?
You must clearly identify your needs and the features you are looking for in your future home in order to establish a realistic budget. Armed with this information and your broker’s support, you will be in the best position to make the right decisions and cross the threshold of your new home with complete confidence.
Contract or no contract?
By signing an Exclusive brokerage contract – Purchase, you make sure that your broker’s obligations are defined and that he will fulfil them. The contract can also stipulate what type of follow-up will be done by your broker. In addition, if the seller of the property you are considering is not represented by a broker, your broker will make all the necessary verifications that would otherwise be the responsibility of the seller’s broker. This contract also allows the broker to canvass and solicit for properties that are not on the market.
NO BROKER?
Be aware that if you carry out your transaction yourself, or if you use the services of a for-sale-by-owner company, you will not be eligible for the protections provided under the Real Estate Brokerage Act. To find out more, read the section entitled “Duties and obligations of a real estate broker” in this guide.
GOOD TO KNOW
Don’t hesitate to contact the Info OACIQ information centre with any questions. An agent will provide you with the information you need about any aspect of your transaction or regarding the Real Estate Brokerage Act and the regulations thereunder, and, if necessary, refer you to the proper channels.
