Creating a comprehensive and successful real estate transaction requires a team effort, with many professionals playing key roles beyond just the buyer and seller. Understanding the specific responsibilities of each player is crucial for ensuring a smooth process.
Here is an essential guide to the key roles and responsibilities in a real estate transaction.
The real estate journey involves many professionals, including notaries, inspectors, land surveyors, and builders. Their unique responsibilities and actions are all taken into consideration when, for example, a claim in professional liability is analyzed against a real estate broker. Knowing who is responsible for what is the first step toward a successful, transparent, and legally sound purchase or sale.
Your real estate broker acts as your objective guide and advisor, ensuring the transaction is handled professionally.
Key responsibilities of your broker include:
Verification and Disclosure: Diligently verifying all information provided to clients, in accordance with best practices, and disclosing any facts they are aware of that could influence a party's decision in the transaction.
Counseling: Advising the client they represent on the terms and conditions of the sale or purchase.
Professional Limits: Respecting the limits of their own expertise and recommending that clients retain the services of other professionals or specialists when a situation exceeds their own competence.
As a buyer, you must act as a “prudent and diligent buyer”. This involves actively participating in the due diligence process.
Your duties include:
Due Diligence: Informing yourself about the property, asking questions, requesting copies of invoices or other documents related to the seller’s declarations, and reviewing them.
Property Visit: Performing a careful, attentive visit to the property, paying close attention to signs that might indicate a potential issue or defects.
Inspection: Deciding whether or not to have the property inspected, taking into account the risk of not doing so. If an inspection is performed, you must review the report and act on its comments, which may include using experts for additional checks.
Document Review: Examining all transaction documents before signing them to ensure they align with your wishes and raising any questions, errors, or issues.
A seller’s primary obligation is one of transparency and disclosure. You hold the legal responsibility to deliver a property free from all title defects and hidden defects, except those disclosed before the transaction or when the sale is made without legal warranty.
Your duties include:
Full Disclosure: Disclosing all unfavorable factors affecting the property or its accessories, providing transparent and unambiguous communication in the "Seller's Declarations About the Building" form.
Documentation: Handing over all relevant documents, such as invoices, work quotes, permits, and warranty proofs, to your broker or other involved parties.
Accuracy of Representation: Ensuring the property sold conforms to everything you represented during the listing process.
Document Review: Examining transaction documents before signing to ensure they accurately reflect your wishes.
A variety of experts ensure the property is properly assessed, legally transferred, and financially viable and are important players for your real estate transaction.
Lender/Mortgage Broker
Evaluates the buyer's financial situation and creditworthiness. Guides the buyer through the mortgage application process, secures loan approval, and prepares funding documents to ensure the transaction can close.
Building Inspector
Conducts a visual inspection of the visible and accessible systems and components of the property within the limits of their mandate, following industry standards. Identifies apparent defects and clues pointing to potential hidden defects. Compiles a detailed report, issues comments on the condition of the systems, and recommends in-depth expertise if deficiencies are found.
Notary
Advises, explains, and informs all parties of the legal consequences of their commitments and the terms of the deed of sale. Conducts research and verification on party identity, legal capacity, titles, servitudes, mortgages, arrears (taxes, special assessments), and public or private limitations. Ensures the deed of sale reflects the parties' wishes and validates declarations made by the parties.
Land Surveyor
Examines and analyzes property titles and other documents related to the property (description, servitudes, constraints, etc.). Verifies compliance with laws and regulations and checks for encroachments. Produces the certificate of location, report, and plan.
Appraisor
Formulates a justified opinion on the value of a property or real estate right at a given date, based on an in-depth analysis and a combination of valuation methods (cost, comparison, income).
Syndicate of Co-owners (for condos)
Makes information and documentation available concerning the management, maintenance, and regulations of the co-ownership (including minutes and budgets). May complete the information request form (DRCOP) to provide various details about the property.
Contractors/Builders
Perform work in conformity with all building codes, regulations, by-laws and other requirements. Respect certain legal warranties following construction work, particularly those of conformity.
As a Residential Real Estate Broker with The Agency Montréal serving the Lower Laurentians, I know that a successful real estate transactions are a collaborative effort.
By understanding and respecting the responsibilities of every involved party—including your Real Estate broker, the specialized professionals you hire, and your own diligence as a buyer or seller—you can navigate the complexities and move toward a confident closing.
Contact us today to start your buying or selling journey!
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