The importance of the broker in the process of buying real estate in Quebec
Buying a real estate in Quebec with the help of a broker means being sure to succeed and to optimize a significant financial investment. Indeed, the process of acquiring a property or apartment in this region is sometimes complex, even for an experienced investor. So, to put the odds on your side, to make the right choices, calling a professional such as a broker is a wise decision. Let us explain why.
The obligations of the real estate broker
The role of the broker is to assist you throughout the real estate transaction and to ensure that all the required transactions (brokerage contract, placing a property on the market, offer and counter-offer, promise of purchase …) are carried out in accordance with the Real Estate Brokerage Act and related regulations.
As such, he must:
- Find the real estate that matches the demand, needs and budget of the buyer. This can sometimes be a long search, several visits and some compromises to arrive at the optimal home.
- The broker knows the exact value of each property because he has access to detailed market statistics. The future buyer is thus sure to pay the property at the right price.
- He also has an obligation to verify the information given by the seller on a property. It must ensure, for example, the existence of major renovations, or a notice of non-compliance issued by the municipality, or easements.
- To represent the seller to any buyer.
- To facilitate the communication and the transaction between the parties.
In addition, he must also:
- Subscribe to professional liability insurance. In case of problem, the buyer who did not use a broker would have no protection offered by the insurance of the professional. Each broker thus bears the responsibility for the transaction.
- Contribute to the Real Estate Brokerage Compensation Fund
The real estate broker therefore has a key role in the purchase process, which is why more than 7 transactions out of 10 in Quebec are made with one. In addition, his commission is paid by the seller.
An expert beyond the real estate field
A network of real estate professionals
The broker does not work alone. He usually has a network of professionals and experts who can intervene, at one time or another in the transaction. Thus, the broker is surrounded by notaries, engineers, lawyers, tax experts, building inspectors … He advises the buyer if they should consult one of his people in case of suspicion of a problem.
In terms of sales, the broker must ensure the characteristics of the property he offers and may seek the advice of a specialist.
Various skills and in all areas
Even if the broker is not a legal expert he must know a minimum the main rules on contracts, special legal status of real estate (estate, undivided, or hidden defects). The same is true for certain aspects of financing the property, such as the use of a loan. In short, the broker must have a general knowledge of real estate topics and topics.