Do you know why you should sign a brokerage contract? Brokerage contracts define the terms and conditions that both parties (broker and client) must respect. Follow these steps to make sure you fully understand your responsibilities and obligations.
When you use a broker to buy or sell a property, both of you should sign a brokerage contract. Unless otherwise mentioned, it ends 30 days after it's signed. It's up to you to decide whether you want to renew it after that.
Ask your broker to customize your contract to suit your needs. You can get an exclusive or non-exclusive brokerage contract. Since real estate brokers are regulated by the law, they're required to do this.
Read the brokerage form issued by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) You can find various form templates online. Having a contract will ensure you're protected.
Take time to read the contract carefully. If you feel it's necessary, contact an Info OACIQ agent to ask questions.
Pay close attention to each of the main sections in the brokerage contract:
Rights and obligations of the parties
Object and term of contract
Features of the property
Desired price and terms of purchase
Remuneration
Change affecting the agency or the broker bound by a brokerage contract
