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 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 representation, has long been allowed in 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 prohibition 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 main goal of this legislative change is to protect consumers and ensure fair and conflict-free representation in real estate transactions. Here are the main advantages:
- Avoid conflicts of interest: A broker representing both the buyer and the seller can find themselves in a difficult situation where the interests of both parties are not aligned.
- Enhance client trust: Consumers can now be certain that their broker is solely defending their interests in a transaction. Daniel Benoit, residential real estate broker Terrebonne, Lachenaie, Mascouche is exemplary in his way of prioritizing the interests of his clients.
- 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 remains allowed in certain cases, notably in commercial or industrial transactions. These exceptions consider 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.
Daniel Benoit, residential real estate broker Terrebonne, Lachenaie, Mascouche is available to answer your questions about transactions and to ensure you benefit from informed consultation.
What this means for you
If you are a buyer or seller, you now have the guarantee 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 sum, the amendment of the Real Estate Brokerage Act represents a major advancement for the residential real estate market in Quebec. It was introduced to strengthen the ethics of the industry and the transparency of transaction processes, ensuring that consumers' interests are always prioritized. This means that market actors can operate in a more balanced and secure environment. If this regulation piques curiosity or concern about your future real estate initiatives, do not hesitate to consult Daniel Benoit, residential real estate broker Terrebonne, Lachenaie, Mascouche. He will guide you with expertise in accordance with the new legal standards, offering clear and fair representation.
Contact Daniel Benoit by phone at (514)781-4681 or visit his website for any real estate consultation.
