Public articles
Remuneration payable by the buyer: Exclusive brokerage contract – Purchase
When entering into a brokerage contract to purchase, the client can negotiate the rate or percentage of remuneration to be paid to the broker. This remuneration, often referred to as a “commission,” is not regulated by the Real Estate Brokerage Act or the OACIQ, or by any other law, but rather is determined by free competition.
How to compensate my residential real estate broker?
Whether you are looking to buy or sell a property, the real estate broker’s compensation can be negotiated–commission or percentage, lump sum, hourly rate. The OACIQ supervised broker must clearly explain to you what his contract with you implies.
What are the duties of the seller’s broker when I request to visit the property?
When looking for a property, you have the right to be represented by the real estate broker of your choice. It is however in your interest to be informed of representation rules of brokerage licence holders.
Remuneration payable by the seller
Before examining the various cases in which remuneration is payable by the seller to the agency or the broker acting on his own account, let us briefly consider what form the broker’s remuneration may have under the Exclusive brokerage contract – Sale.
The real estate broker’s right to compensation after the expiry of the brokerage contract
The Info OACIQ information centre often gets calls from selling owners inquiring about the risk of signing a new brokerage contract upon the expiry of the initial contract. They wonder if they are therefore released of their obligation to pay compensation under the first contract.
