Buyers are extra careful when shelling out their hard earned money and buying a home without a warranty is a big no to them. While sellers are avoiding this scenario, they are deemed to follow the law as stated in the Quebec Civil Code that mandates them to provide warranty to their buyer. Under Section 1726, buyers can fight back to the seller in case defects are found in their newly purchased home.
Opting Out from the Seller Side in Giving Warranty
Though there is a provision in the law in protecting buyers from deceptive properties, a seller may consider opting out in giving a warranty. As stated from the website of Organisme d’autoréglementation du courtage immobilier du Québec that both the vendor and the buyer may agree to sign a contract waiving a warranty. It will be up to the buyer to face the risk in the future as agreed upon during the transaction. This did not affect the property sales in 2016 as more buyers gave in to their seller’s decision.
Why a Broker Should be Hired When Selling a Home
A research conducted by JLR in Montreal, it stated that an absence of a legal warranty may decrease the price of properties. According to Leroux Côté Burrogano’s notary public Michael Chiriqui that the best remedy to prevent future issues is to hire a broker who will be responsible in filling out the Declarations by the Seller form that state any property defect. The form issued by the OACIQ assures the buyer to be compensated when a defect is concealed by the buyer during transaction. RE/MAX offers inexpensive programs and legal assistance to property owners. It is important to seek legal advice to avoid litigation after closing the deal. The program includes the Tranquilli-T for small claims amounting to not more than $15,000. Complex cases can be resolved by the RE/MAX Integri-T Building Quality Guarantee Plan, where the seller can opt out a warranty and sell the property at a lesser amount. An ocular inspection is conducted to determine the defect and suggest improvement to the said property which can be attractive to buyers who are assured of a two-year guarantee, giving the seller financial protection with maximum amount of $35,000.
