New Regulations Introduced by OACIQ For Buyers as of June 10, 2022

Although the world, and more importantly our province did not need more change, the OACIQ (body who regulates real estate in Quebec) decided to shake things up in the real estate world as of June 10, 2022. So what does this mean to you as a buyer and how will it affect you?

As of June 10, 2022, 2 rules have been added to the REBA (real estate brokerage act) that change the way real estate business is carried out in Quebec and here are the main changes and how they will affect buyers and sellers (if they do at all 😅)

1. Realtors can no longer represent both parties in a transaction
– In simple terms, this means that the seller’s broker (listing broker) can no longer take a direct offer from a buyer who is unrepresented in the purchase of the broker’s listings. This trend was somewhat popular because buyers thought that they would get a better deal if they would go to the listing broker directly (which is obviously not true). – Is it still possible to make an offer directly with the seller’s broker after June 10, 2022? The answer is YES! But as a buyer you will need to sign a form stating that you understand that the broker is representing the seller and that he is not representing you (the buyer) but that he will treat you fairly throughout the transaction.
2. Buyers can no longer shop with their broker without a buyer’s contracts.
– Again, most realtors have been using contracts with their clients since the beginning of the pandemic, the OACIQ introduced this change to remove the “verbal agreement” issue in real estate. For as long as people could remember, you would call up a broker, tell him what you are looking for and start shopping for a home without a contract. As normal as that sounds, it is definitely not proper practice for any business. – The buyer’s contract protects both the buyer and the realtor throughout the transaction by adding obligations and declarations to both parties to make sure your broker is doing his job properly and that you are treated fairly!
These changes have been put in place to protect all parties in a real estate transaction and we strongly believe that they will have a positive impact in our business! For more questions or concerns about the new changes, give us a call or send us an email!