True or False: Can a real estate broker represent both a buyer and a seller in a real estate transaction?

True or False: Can a Real Estate Courtier Represent Both a Buyer and a Seller in a Real Estate Transaction?

When it comes to real estate transactions, the question of whether an courtier can represent both the buyer and the seller often arises. This practice, called dual representation, has long been allowed under certain circumstances. But do you know the current regulations?

The Answer: False

Since June 10, 2022, the regulations surrounding dual representation have changed significantly. The Real Estate Brokerage Act has been amended to prohibit dual representation in residential transactions. This ban applies to several types of transactions, including:

• The purchase of a residential property
• The sale of a residential property
• The rental or exchange of a residential building

Why the Change?

The main objective of this legislative change is to protect consumers and ensure fair and conflict-free representation in real estate transactions. Here are the main benefits:

• Avoid conflicts of interest: An courtier representing both the buyer and the seller might find themselves in a difficult situation where the interests of both parties are not aligned.
• Strengthen client trust: Consumers can now be certain that their courtier advocates solely for their interests in a transaction.
• Improve transparency: By avoiding dual representation, the rules become clearer for all parties involved.

Possible Exceptions

Although dual representation is prohibited for residential transactions, it is still allowed in some cases, notably in commercial or industrial transactions. These exceptions consider the different market realities and the transaction context, where, for example, in the commercial sector, negotiation dynamics are often less personal and more focused on economic considerations.

What This Means for You

If you are a buyer or seller, you now have the assurance that your courtier focuses solely on your needs and success in the transaction. For courtiers, this new regulation demands increased adaptation and vigilance to comply with these new legal requirements. Do not hesitate to reach out to TARIK BOUDJELTIA, residential and commercial real estate courtier, to assist you with your project in Laval, Mirabel, and the Laurentians.

Conclusion

In summary, the modification of the Real Estate Brokerage Act represents a major advancement for the residential real estate market in Quebec. It has been implemented to enhance industry ethics as well as transaction process transparency, ensuring that consumer interests are always prioritized. This means that market participants can operate in a more balanced and secure environment. If this regulation raises curiosity or concern regarding your future real estate endeavors, do not hesitate to contact a qualified courtier like TARIK BOUDJELTIA, residential and commercial real estate courtier in the Laval, Mirabel, and Laurentians area. He will guide you with expertise according to the new legal standards, offering clear and fair representation.

For more information or to discuss your real estate needs with TARIK BOUDJELTIA, please visit his website at www.tarikimmobilier.com or contact him directly at (514)791-4444.