Doing Business With a Real Estate Broker Means Being Protected
29 March, 2021
One of the undeniable advantages of doing business with a real estate broker is that you are protected throughout the entire transaction. In fact, the Real Estate Brokerage Act, as well as various agencies, govern the profession for the benefit of the consumer. Here’s an overview of some of the protections you are entitled to.
Real Estate Brokerage Act.
The main goal of the Real Estate Brokerage Act is to protect the public. To accomplish this, the Act provides various regulations concerning the brokerage contract for selling a home, among other rules. These regulations are similar to some of those contained in the Consumer Protection Act. The Real Estate Brokerage Act also includes a code of ethics that governs the activities of real estate brokers.
Organisme d’autoréglementation du courtage immobilier du Québec
Created by the Real Estate Brokerage Act, the mission of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is to protect the public by supervising the professional activities of all real estate brokers in Québec. In particular, it ensures that its members carry out their activities in compliance with the laws and regulations that are in place.
Fonds d'indemnisation du courtage immobilier
Every real estate broker contributes to the Fonds d'indemnisation du courtage immobilier (indemnity fund). This Fund has the authority to compensate the consumer in the event of a problem during a transaction.
Professional Liability Insurance
All real estate brokers must hold professional liability insurance. This insurance provides additional financial protection to consumers in the event of fault, error, negligence or omission.
Given the importance of your real estate transaction, should you really do without all of the protections provided by a real estate broker?