October 4, 2019

A Real Estate Broker's Duties and Obligations

Les courtiers immobiliers ont des devoirs et obligations fixés par la Loi sur le courtage immobilier (LCI) et sont régis par l’OACIQ.

The duty to verify and inform

Your real estate broker must verify the identity and legal capacity of all parties they represent. They will also verify the identity of another party only if this party is not represented by a broker.

In addition, your broker has an obligation to prove the accuracy of the information they provide to you by showing relevant documents, and is responsible for the information they disseminate.

Your real estate broker will verify information such as:

  • The amount of municipal and school taxes;

  • The information contained in the property's detailed sheet;
  • Any information with regards to employment or income.

The duty of transparency

A real estate broker licenced by the OACIQ will act with utmost transparency to best meet your expectations. Among other things, your broker must indicate, in writing, the conditions of remuneration for the other brokers involved in the transaction.

Your broker must also keep you informed of any factor they are aware of that could affect the transaction.


The duties of loyalty and representation

Votre courtier immobilier est lié par une obligation de loyauté. Il doit promouvoir vos intérêts et protéger vos droits. Il est également tenu de bien vous conseiller et vous informer. Il doit vous expliquer clairement tous les documents que devrez signer.

Availability

Finally, your real estate broker must be available to you. If they are not available, they can designate another person to act as their replacement.

How much do you know about real estate? Take this quiz!

See also:

Choosing the Right Broker For You

5 Reasons to Team Up With a Broker

Real Estate Brokers: Your Ally in a Transaction


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