Definition : Hypothecary creditor

Natural or legal person holding a hypothec on a fraction of co-ownership. In relation to the syndicate of co-owners, a hypothecary creditor is an interested party when the decision is taken to terminate the co-ownership. Indeed, this decision of the general meeting of co-owners must be supported by the written consent of all persons holding hypothecs on all or a portion of the immovable.

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Revision and modification of the relative value of a fraction and the allocation of expenses

Any co-owner may have the relative value of their fraction, as well as the allocation of common expenses, revised according to certain conditions and formalities. To do so, it is necessary to proceed with an appeal to revise the relative value of the fractions. Furthermore, a co-owner may wish to…...

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Contents of the declaration of co-ownership

.The declaration of co-ownership is a contractual document drawn up by the person who subjects an immovable to the regime of divided co-ownership. Its publication in the Quebec Land Register is a necessity for the existence of a syndicate of co-owners. It includes all the rules ensuring the efficient organization…...



Termination and liquidation of the co-ownership

The divided co-ownership of a building is not necessarily intended to last for eternity. The end of the co-ownership, and therefore the dissolution and liquidation of the syndicate, is justifiable, for various reasons. The dissolution of a co-ownership leads to a liquidation process. This process is regulated by articles 1108 and 1109 of the Civil…...



How to finance a property in a co-ownership

It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What…...



Legal hypothec of construction

When you buy in a newly built divided co-ownership, a portion of the fractions of the building (apartment, parking or storage space, etc.), or even all, can be the subject of a notice of legal hypothec of construction. The Civil Code of Quebec introduced this hypothec in order to protect…...



Building insurance

The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its main object is to ensure the preservation and the longevity of the building…...



Collection of unpaid common expenses

The failure to pay general or special common expenses (condo fees) is one of the most contentious co-ownership’s issues. It is the duty of the board of directors of the syndicate of co-owners to collect them, unless this task has been delegated to the condo manager. When a co-owner's contributions have…...

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Written resolution

It is possible to make a decision without having a meeting. Article 354 of the Civil Code of Québec  recognizes the value of a written resolution: "Resolutions in writing signed by all the persons qualified to vote at a meeting are as valid as if passed at a meeting of…...



Sale's price

The deed of sale must show the intent of both the seller and the purchaser. It confirms the agreements between the parties, in particular those of a financial nature. These agreements are generally written in details in the offer to purchase. Keep in mind that it is not compulsory to reproduce…...