Real Estate Glossary: B

Brokerage Contract
Agreement under which a person authorizes real estate broker to act for a given period of time, as intermediary in the purchase, sale, rental or exchange of immovable property.
The brokerage contract officializes the rights and obligations of the broker and his client by mutual consent.
In an exclusive brokerage contract the client agrees, for the term of the contract, not to use the services of a broker other than the one with whom he signed the contract. Usually, the exclusive brokerage contract also states that the client who is party to the contract cannot sell or buy the immovable himself.

Building Inspection
General verifi cation of the state of the main components of an immovable (foundation, structure, roof, heating system, electrical system, etc.) to assess condition. Csystem, etc.) to assess condition.