O.A.C.I.Q. forms, Your best allies when buying.

The Essential Forms: Your Compass in the Real Estate World

Hello everyone, Today, we’re going to explore a crucial but often underestimated aspect of real estate brokerage: documentation. Although it may seem arduous, these forms are the central pillar of secure and efficient real estate transactions. The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) has developed a series of essential forms to structure and guide every stage of your transactions. Let’s take a look at how these documents can become your valuable allies in the world of real estate.

Why are these forms so important?

OACIQ forms are not simply administrative papers; they are designed to ensure clarity, transparency and protection for all parties involved in a real estate transaction. Whether you’re selling a property, making a promise to purchase or proposing a counter-offer, these documents structure and secure the process. Each form plays a precise role in ensuring that all legal and contractual steps are respected, minimizing the risk of disputes and misunderstandings.

Types of forms :

The OACIQ offers a wide range of forms, both mandatory and recommended, for a variety of situations. Here is an overview of the main categories:

1. Mandatory forms: These documents are essential for certain specific transactions. For example, the “Exclusive Brokerage Agreement – Sale” is essential when selling a property, ensuring that all legal aspects are fully covered.
2. Recommended forms: Although not mandatory, these forms, such as the “Appendix – Drinking water and septic systems”, provide additional information crucial to the buyer’s decision-making process.

Focus on a Key Element: The Exclusive Brokerage Agreement – Buying

One of the most important documents in the real estate buying process is the Exclusive Brokerage Contract – Purchase. This mandatory OACIQ form is a must-have when purchasing a property, particularly for :

• Residential buildings with fewer than five units,
• Divided co-ownerships,
• undivided co-ownerships.

Why is this contract so essential?

1. Protection and Clarity: This contract offers maximum protection to the buyer by establishing the basis on which the broker will act. This ensures total transparency and increased security throughout the transaction.
2.   Important details: The contract defines the essential characteristics of the property sought, the desired purchase price and conditions, and the obligations of both buyer and broker. It also includes the broker’s remuneration, which may be paid directly by the buyer or added to the purchase price.
3. Representation and Promotion of Interests: Without this contract, a broker cannot legally represent or promote the buyer’s interests. Brokers are prohibited by law from representing clients without a written brokerage contract.

Points to remember:

• By signing this contract, you clearly define the obligations of your broker, who must scrupulously respect them.
• The contract determines the type of follow-up your broker will carry out on your behalf.
• If the seller is not represented by a broker, your broker will take care of all the necessary verifications.
• The contract also authorizes your broker to canvass and solicit properties not listed on the market.

Your Broker, Your Advocate :

When you are represented by a broker, he or she represents your interests as a buyer. They advise you according to your needs and criteria, negotiate the terms of a promise to purchase and present it on your behalf.

What if you don’t sign?

Without a Purchasing Brokerage Contract, the seller’s broker or collaborating broker will not be able to defend your interests, since he or she represents the seller.

Conclusion :

The Exclusive Brokerage Agreement – Purchase is more than just a form; it’s a guarantee of security, clarity and accurate representation of your interests in the property-buying process. It’s crucial to understand every aspect of this contract, and to ask your broker for clarification if necessary. Careful preparation is the key to a successful real estate venture. For more details on the essential forms for real estate transactions in Quebec, you can consult the official OACIQ resources here (Real Estate Brokers).