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Brokerage Act for residential properties: the end of dual representation



Since June 10, 2022, Real Estate Brokers must abide by the new regulations which applies both to Real Estate Brokers and consumers.


Indeed, just as a lawyer who represents a client, the new regulations will prevent Real Estate Brokers from representing both the seller and the buyer in a real estate transaction.


In addition, consumers who want to hire a real estate broker in order to buy a property will have to sign a brokerage contract to purchase (BCP) with the broker to be well represented, guided and advised.


Even if there is an exception for remote regions with less real estate brokers, this act prevents dual representation to provide a better protection for consumers.

Consequently, consumers without brokerage contracts to purchase (BCP) will only benefit from these following services:

  • Receive information on the facts about a property only (which means the real estate broker will not be able to promote their interests).

  • Be informed on the rights and duties of each party (buyer and seller) without any management by the Real Estate Broker.

  • Get some help to complete the promise to purchase, excluding advice on the price to offer or any help to negotiate with the seller.

In other words, you will still have the possibility to work with a Real Estate Broker without signing any BCP, but the broker will not represent you. However, you will benefit from fair treatment.


Since June 10, 2022, in order to benefit from the expertise of a broker and his or her professional guidance, it will be recommended to sign the BCP.


You can retain the professional services of Jennifer Debra Egan now and communicate with her to know more about all the advantages of signing a brokerage contract to purchase. She has already been working with these types of brokerage contracts for some years. Further details >


''The BCP is my duty of loyalty to the clients who hire my professional services. I am committing myself to working with my clients to help them find their dream property and I am giving my 100%.'' Jennifer D. Egan

It is important to mention that the amendments to law 5 will not apply to residential buildings of more than 5 units or to commercial buildings.

If you have any question about the coming into force of this amendment or if you want more details on the impact of this amendment on your future transaction, please call Jennifer Debra Egan at 418.683.4403 or write an email to jenniferd@egan.qc.ca


BUYERS

Check the properties to buy at Egan Real Estate Broker by clicking here.

To obtain the buyer’s guide, visit our website by clicking here.


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