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

When it comes to real estate transactions, the question of whether a broker can represent both the buyer and the seller often arises. This practice, known as dual agency, has long been allowed under certain circumstances. But are you aware of the current regulations?

The answer: False

Since June 10, 2022, the regulations surrounding dual agency have changed significantly. The Real Estate Brokerage Act has been amended to prohibit dual agency 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 this change?

The primary goal of this legislative amendment is to protect consumers and ensure fair representation without conflicts of interest in real estate transactions. Here are the main advantages:

Avoid conflicts of interest: A broker representing both the buyer and the seller may find themselves in a delicate situation where the interests of both parties are not aligned.
Strengthen client trust: Consumers can now be certain that their broker is solely advocating for their interests in a transaction.
Improve transparency: By avoiding dual agency, the rules become clearer for all parties involved.

Possible exceptions

Although dual agency is prohibited for residential transactions, it remains allowed in certain cases, notably in commercial or industrial transactions. These exceptions take into account the different market realities and transaction contexts, 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 broker is focused solely on your needs and success in the transaction. For brokers, this new regulation requires increased adaptation and vigilance to comply with these new legal requirements.

Conclusion

In short, the amendment to the Real Estate Brokerage Act represents a major step forward for the residential real estate market in Quebec. It was introduced to strengthen ethics within the industry and the transparency of transaction processes, ensuring that consumer interests are always prioritized. This means that market players can operate in a more balanced and secure environment. If this regulation sparks curiosity or concern regarding your future real estate endeavors, do not hesitate to contact a qualified broker. Emmanuel Paquin Team in Montreal, with expertise as a residential and commercial real estate broker in the Montreal and Kirkland areas, will guide you with expertise in accordance with the new legal standards, offering clear and fair representation.

For more information, visit our website: https://emmanuelpaquin.com/ or call (514) 757-6268.

Tags: Pré-approbation Préparation à la vente Première maison Achat immobilier Rénovation

Équipe Emmanuel Paquin

Courtier Immobilier Résidentiel et Commercial

Une Équipe Expérimentée Qui A Trouvé Le Succès Grâce À La Satisfaction De Ses Clients Et La Protection De Leurs Intérêts, Car Son But Premier N’est Pas De Réaliser Une Transaction, Mais Bien De Vous Servir Au Mieux ! L’Équipe Emmanuel Paquin est une équipe de courtiers immobiliers de la région de Montréal, fondée par Emmanuel Paquin et Françoise Cardyn. Passionnée par ce qu’elle fait, leur équipe s’est engagée à offrir une expérience client exceptionnelle depuis 2009. En tant que courtiers expérimentés, compétents et professionnels, avec plus de 30 ans d’expérience combinée en vente, en administration et en relations publiques, ils veulent vous aider à réaliser vos rêves. Nombreuses sont les raisons pour lesquelles L’Équipe Emmanuel Paquin devrait figurer en tête de votre liste lorsque vous recherchez quelqu’un capable d’offrir une expérience client exceptionnelle ainsi qu’une gentillesse qui n’a d’égal que la compétence! Passion, écoute, efficacité et dynamisme sont les mots clés qui caractérisent leur travail. Leurs objectifs sont axés sur vos besoins et chaque transaction fera l’objet d’une attention personnalisée, car elle est tout aussi unique et importante que le caractère de chaque personne ou de chaque situation. – ce qui signifie que cette équipe fera tout ce qu’il faut pour s’assurer que vous soyez satisfait du résultat de chaque transaction!