Bill 16: The OACIQ supports the efforts to regulate building inspection and divided co-ownership

BROSSARD, QC, April 4, 2019 /CNW Telbec/ - The Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) supports the government's desire to better regulate building inspection and divided co-ownership. The measures set out in Bill 16 are an excellent basis for discussion. The OACIQ intends to actively participate in the enhancement of what is proposed in order to establish safer guidelines for the public.

Building inspection: A step in the right direction

The supervision of building inspection has become a necessity. Assigning this activity to a recognized organization is a step in the right direction. It remains to be seen how everything will specifically unfold, since Bill 16 remains silent about the specific issues that the OACIQ has targeted over the past fifteen years.

The OACIQ believes that the legal and regulatory requirements for basic training, continuing education and professional liability insurance must be quickly discussed.

Moreover, it must be ensured that the future regulator will establish uniform practice standards, as well as service agreement and inspection report requirements. Consumers need to know the scope of the services offered by building inspectors in order to make an informed decision when buying a property.

The regulatory guidelines for this sector must be further examined to win consumers' trust in building inspection.

Rules for divided co-ownership: Need for more ambitious measures

The measures set out in Bill 16, such as the addition of obligations concerning maintenance log and contingency fund study are long overdue. These obligations concern both the new constructions and existing co-ownership properties.

Access to the relevant co-ownership documents by a prospective buyer should be reinforced by a specific obligation of the syndicate of co-owners to provide them, since this contributes considerably to the smooth running of real estate transactions.

The sound co-ownership property management is crucial. The OACIQ firmly believes that the bill must be more ambitious and provide for the oversight of co-ownership property managers. The Government must ensure that those who manage or administer co-ownership properties have sufficient and up-to-date knowledge.

Various stakeholders have repeatedly expressed this need for oversight and it is disappointing that this aspect is completely lacking in the bill. The competence of co-ownership property managers is a key driver in achieving this sector's goals.

About the OACIQ

The Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act. This Act determines the conditions for carrying out broker's activities, in addition to providing effective protection when a real estate transaction is carried out through a broker.

SOURCE Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ)