Frequently asked questions

Q: Is Tarek licensed real estate professional?

Yes, Tarek is a certified real estate broker. His license number is E3462 at the Organisme d’Autorèglementation du Courtage Immbilier du Québec (OACIQ) and 94353 at the Greater Montreal Real Estate Board (GMREB in English or CIGM in French).


Q: What is a certified real estate broker?

Since May 2010, there are no more “real estate agents” in Quebec; all license holders are called real estate brokers. There are the following types of real estate brokers in the province of Quebec:

Residential real estate broker, commercial real estate broker, mortgage broker
Real estate brokers that can only work in their specific field and must be adhered to a real estate agency; such brokers have completed their certification after May 1st, 2010, when a new Real Estate Brokerage Act (REBA) came into effect.

Real estate broker
Real estate brokers that can work in residential, commercial and mortgage sectors and must be adhered to a real estate agency; such brokers have completed their certification before May 1st, 2010, when a new Real Estate Brokerage Act (REBA) came into effect.

Real estate broker on his own account
Real estate brokers that can work in residential, commercial and mortgage sectors and that are not adhered to a real estate agency.

Certified real estate broker
Real estate brokers that can work in residential, commercial and mortgage sectors. Certified real estate brokers can be adhered to a real estate agency or can be the directors of their own agency, whether independent or franchised. They are the only license holders that have the right to operate real estate agencies.


Q: What does it cost to hire a real estate broker?

It depends if you are buying, selling or leasing. The following section is for information purposes only:

You are a seller
4 to 5% of the sold price

You are buyer
0$ if the seller has a real estate broker, 1500$ if not

You are a lessor
1 month’s rent

You are lessee
0$ if the lessor has a real estate broker, 1 month’s rent


Q: As a buyer, what are the usual fees and expenses?

The following is for information purposes only; certain fees apply to certain types of properties only.

Upfront
– Mortgage insurance
– Taxes adjustments (municipal and school taxes), if applicable
– Land transfer taxes (aka welcome tax)
– Notary fees (about 1000-1500$)
– Inspection fees (400-800$)
– Real estate broker’s commission (if seller has no real estate broker)

Ongoing
– Mortgage payments
– Condominium fees (condos only)
– Special assessments, if applicable (condos only)
– Maintenance fees
– Repairs fees
– Civil liability insurance, if applicable
– Utilities (i.e. hydro)
– Rental equipment (i.e. hot water tank)


Q: As a seller, what are the usual fees and expenses?

The following is for information purposes only; certain fees apply to certain types of properties only.

Upfront
– Mortgage radiation fees, if applicable
– Taxes adjustments (municipal and school taxes), if applicable
– Real estate broker’s commission
– New property documents, if applicable (i.e. certificate of location)