What protects Quebecers when they buy or sell real estate
In any real estate transaction in Quebec, both buyers and sellers are protected by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). The OACIQ is an invaluable resource for members of the public, as the organization provides support and information for buyers and sellers through every step of the real estate transaction process.
Protecting the Public
As mandated by the Quebec government, the role of the OACIQ is to enforce the Real Estate Brokerage Act in order to protect members of the public as they work with a real estate or mortgage broker when buying or selling any type of property.
Throughout their transaction, the OACIQ is available to inform buyers and sellers about the services they should be receiving from real estate professionals.
“It’s so important for us to make sure people really understand that our primary mandate is to help and protect the public,” said Nadine Lindsay, CEO of the OACIQ. “If a consumer has a question before, during or after their transaction, they can always contact the OACIQ information centre where an agent will help them or direct them to the right information.”
Maintaining a vast range of resources
In addition to the OACIQ call centre, the organization has several tools available to help educate the public. For example, the OACIQ’s website is chock full of information, including a free buyers’ guide and sellers’ guide, which cover a variety of topics like the initial preparation for a real estate transaction, the role and obligations of real estate and mortgage brokers. It also has various forms like the promise to purchase, declaration of vendor or counter-proposal, and a list of helpful links and tools.
“The OACIQ also regularly publishes informative articles on its website on various topics that may affect consumers during their transactions,” Lindsay said. “For example, we’ve recently covered brokers’ duties if your property or the one you’re looking to purchase has sustained damage following a natural disaster.”
The OACIQ often participates in several public events throughout the year, including the Salon de l’habitation.
Working With real estate and Mortgage brokers
The OACIQ’s mandate is to protect the public by regulating and overseeing the training and continuing education received by real estate professionals. The OACIQ ensures that all brokers understand and respect the law as well as their professional and ethical duties and obligations.
“When the public deals with a broker for the purchase or sale of a property, they’re protected by the Real Estate Brokerage Act, which the OACIQ enforces,” Lindsay said.
As much as the public benefits from the OACIQ’s services, brokers’ lives are also made easier thanks to the organization’s regulations and guidelines.
“The majority of all real estate and mortgage transactions with a broker in Quebec go very smoothly,” Lindsay said. “In the event that the transaction is less successful, several protection mechanisms are provided for in the Real Estate Brokerage Act.”
addressing your concerns
If you have concerns about the services you’re receiving, the Info OACIQ information centre is the first place to contact for any questions related to a real estate or mortgage transaction involving a broker. Depending on the situation, callers will be directed to any number of resources available through the centre.
In the most extreme cases, the OACIQ has mechanisms in place to help remedy victims of fraud and other severe situations. For example, under the Real Estate Brokerage Act, the Real Estate Indemnity Fund (FICI) provides no-fee protection for consumers who have been the victims of fraud, embezzlement, or an otherwise dishonest transaction. Similarly, the Quebec Real Estate Brokerage Professional Liability Insurance Fund (FARCIQ) ensures that funds are available to honour, among other things, a judgment ordering a real estate or mortgage broker to compensate a consumer in the event of unintentional fault, error or omission.