Thinking of selling a property in Quebec? The Exclusive brokerage contract – Sale is a crucial document that governs your relationship with your real estate agent. But what exactly is a brokerage agreement, and why is it so important? Let’s shed some light on the subject.
What is a Exclusive brokerage contract – Sale?
Once you’ve found a real estate agent, you’ll sign a brokerage agreement. By signing this agreement, you’re officially authorizing your agent to act as an intermediary in the sale of your home.
It’s a legally binding document that outlines the relationship between you and your agent.
This agreement grants the agent’s real estate agency the authority to market and sell your property. Additionally, it defines the legal relationship between you and the agency, as well as the specific conditions you want to set.
Key elements of a brokerage agreement:
- Identification and contact information of all parties
- Purpose and duration of the agreement
- Identification of the property or characteristics of the desired property
- Price and conditions (exclusions, dates, etc.)
- Rights and obligations of all parties
- Duties of the broker or agency
- Method of remuneration for the broker or agency, as well as the conditions of such remuneration
- Exclusivity of the contract, if applicable, and the fact that it cannot be terminated
- The possibility for the parties to resort, in the event of a dispute, to conciliation, mediation, or arbitration offered by the OACIQ in accordance with the Real Estate Brokerage Act
- Any declaration by the seller or lessor concerning the property and relevant to the transaction
- A three-day right of withdrawal
Good to know
- The contract must be completed by your broker with your cooperation.
- The broker is required to verify your identity.
- Whether a residential property is subject to GST and QST must be indicated in the brokerage agreement.
Why sign a Exclusive brokerage contract – Sale?
A brokerage agreement:
- Defines your rights and obligations, as well as those of your real estate agent.
- Provides detailed information about your property that can be published on the MLS® system to help potential buyers find your property.
- Serves as the basis for preparing offers to purchase your home.
Different types of Exclusive brokerage contract:
- Exclusive brokerage contract – Sale – Chiefly residential immovable containing less than 5 dwellings excluding co-ownership;
- Exclusive brokerage contract – Divided co-ownership – Fraction of a chiefly residential immovable held in divided co-ownership;
- Exclusive brokerage contract – Undivided co-ownership – Share of a chiefly residential immovable held in undivided co-ownership;
- Exclusive brokerage contract – Sale – Mobile home situated on leased land
Can you sell your property on your own while working with a real estate agent?
Yes, absolutely. By working with a Proprio Direct broker, you are authorized, under certain conditions, to sell your property yourself and benefit from a favorable commission rate. This is the principle of direct sale, a concept exclusive to Proprio Direct.
Click here to learn more about our Complici-T program.
Be protected by teaming up with a Proprio Direct real estate broker
Real estate brokers are required to comply with the Real Estate Brokerage Act and its regulations.
According to this Act, they must:
- Take the necessary steps to inform you adequately of all the facts relevant to the transaction;
- Ensure that your interests are promoted and your rights in relation to the transaction are protected, and inform all parties of any factor that may have an adverse effect;
- Maintain records and registers to keep track and allow for follow-up;
- Maintain the confidentiality of your personal information.
Under these conditions, you will be protected and able to make informed decisions based on your needs and concerns. The transparency and experience of our real estate brokers are invaluable!
Choose a Proprio Direct real estate broker
Proprio Direct offers the support and expertise of nearly 750 real estate brokers serving all corners of the province. By choosing us, you benefit from the know-how and experience of a Quebec banner whose efficiency has been recognized for many decades.
A broker’s job is to:
- Guide you to properties that meet your criteria and provide you with privileged information;
- Inform you of current market conditions and those in your area;
- Discuss your needs and desires, analyze them to ensure they are aligned with your budget;
- Arrange visits;
- Coordinate the work of other professionals and provide you with access to their professional network;
- Prepare purchase offers and negotiate on your behalf;
- Ensure that all required documents are in order and that deadlines and conditions are met;
- Assist you with mortgage financing to take advantage of the best offers;
- Inform you of government programs for which you may be eligible;
- Accompany you to the notary’s office to finalize the transaction.
Ready to get started? Contact one of our real estate brokers today. They can help you achieve all your real estate goals!