Conflict of interest: this real estate broker helped a loved one to make a great deal

A real estate broker from the Montreal region got away with a two -month suspension. Meanwhile, fines totaling $ 5,000 for having a watershed to make a quick gain of $ 95,000 to a loved one.

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Heleni Gkouvousis, better known as Helen Nicolopoulos, recognized his faults earlier this month before the disciplinary committee of the Autoglementation of Quebec Real estate brokerage (OACIQ). For example, She received two months of suspension. For example, fines totaling $ 5,000 for doing everything to sell a house at low prices to a loved one, which immediately sold it $ 95,000 more expensive.

The alleged facts date back to the winter of 2021. conflict interest: this real estate In February, a customer hired him to sell a building assigned many problems. The roof flows, the roof sub-structure is unstable, rotten and rusty, and water damage is apparent to the ceilings.

None of these details will however be registered in the seller’s declaration. underlines the cottage of the real estate brokerage in his decision.

Lower the price …

Given these important problems. the broker advised its client to display the building at $ 359,000 rather than $ 425,000 as he would have liked. She also told him that she expected the building even cheaper.

According to the report of the events. M^me Nicolopoulos has never submitted comparative market analysis to justify the price it suggested and she did not register property on MLS, a site that lists houses for sale, despite the will of her client.

To convince him. she informed her that she already knew someone who would conflict interest: this real estate like to buy the building, and she assured her customer that the property would be on the website if no purchase offer was accepted.

The same day of the sale. the culprit wrote a promise to purchase for a family member for $ 310,000, or nearly $ 50,000 less than the price displayed.

Recall that at the time, the real estate market was in high boil and that the escalation games were frequent.

Then go up it …

Then. just three weeks later, the property was returned to sale by the close to M^me Nicolopoulos, who hires him as a broker.

This time, the price displayed is $ 379,000, and the building will be sold $ 405,000 the following month. In doing so, the close to the broker pocketed $ 95,000.

“This only observation allows the committee to establish that the respondent has placed in conflict of interest vis-à-vis [son conflict interest: this real estate client] And therefore allowed a member of his family to enrich themselves. ”concludes the disciplinary committee.