10 real estate myths or realities in Quebec:
1. TRUE or FALSE: Real estate agents only get paid if the house sells.
TRUE.
At Proprio Direct, you don’t pay anything if you don’t sell. Commission is only payable upon sale.
2. TRUE or FALSE: You are protected by OACIQ laws when you use real estate sales services without an intermediary.
FALSE.
If you use real estate sales services without an intermediary, you are not protected by the Real Estate Brokerage Act.
When you buy, sell, or rent a property with the help of a professional authorized by the OACIQ, you benefit from the full protection offered by the Real Estate Brokerage Act.
3. TRUE or FALSE: It is mandatory to complete the Seller’s Declaration.
TRUE.
This form is mandatory. If you refuse to complete or sign it, the broker will not be able to execute their brokerage contract.
Learn more, right here: What is the Declarations by the seller?
4. TRUE or FALSE: A pre-sale inspection is mandatory before selling.
FALSE.
A pre-sale inspection isn’t mandatory, but it’s highly recommended to understand your property’s condition and demonstrate transparency.
5. TRUE or FALSE: The buyer always chooses the notary.
TRUE.
Generally, the buyer selects the notary and is responsible for their fees.
Learn more, right here: What happens at the notary’s office when you buy a property?
6. TRUE or FALSE: An accepted promise to purchase becomes an irrevocable contract.
TRUE.
Once accepted, you’ll need to comply with all the sales conditions outlined within it.
Learn more, right here: 8 essential things to know before submitting a promise to purchase
7. TRUE or FALSE: The down payment is the only expense to consider when buying a house.
FALSE.
There are many other costs to anticipate:
- Maintenance and renovations if needed
- Inspection
- Notary
- Home insurance
- Real estate transfer tax
- Moving
- Annual fees
Budget between 3% and 5% of the purchase price for additional costs.
Learn more, right here: 10 costs to consider when buying a home
8. TRUE or FALSE: Mortgage pre-approval is useless.
FALSE.
Pre-approval is essential. This determines your financial ability to get a loan from lenders. This way, you’ll be able to determine the maximum mortgage amount you could be eligible for, estimate your mortgage payments, and secure an interest rate for 60 to 130 days (depending on the lender).
Learn more, right here: Demystifying the mortgage
9. TRUE or FALSE: The buyer pays the broker’s commission.
FALSE.
Generally, the seller pays the commission. An buyer who signs an exclusive brokerage contract is responsible for their broker’s compensation, but this is often shared with the seller’s broker.
10. TRUE or FALSE: You should always sell your house before buying a new one.
FALSE.
Selling before buying OR buying before selling; both situations are possible. Your real estate broker will be able to advise you and coordinate all the steps, dates, and deadlines based on the market conditions, your financial situation, and your needs.
Finding your next home before selling.
As a buyer, you can make a “conditional” offer on a new property, contingent on the sale of your current home, to avoid paying for two properties at once.
Selling without having found your new property.
As a homeowner-seller, you could try to postpone the occupancy date to give yourself more time to find your next property.
Ready to make your real estate project a reality? Our brokers are here to guide you every step of the way. Whether you’re looking to sell, buy, or just get personalized advice, contact one of our professionals today and turn your projects into reality!