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An amount paid by a promisor-purchaser to terminate a preliminary contract. When a preliminary contract provides for an indemnity in the case of the exercise of the right to withdraw, this indemnity may not exceed 0.5% of the agreed sale’s price.
10/12/2022
We have a co-owner who has to replace his bathroom vanity because of water damage that has deteriorated it. Our syndicate of co-owners is insured for this type of loss, subject to an insurance deductible of $ 2500. The co-owner is insured for improvements made to his private portion. He…...
21/08/2015
The signing of the preliminary contract binds the parties involved, namely you and the developer or builder. However, the law gives you a short "reflection" period, during which you can still terminate the contract unilaterally, in certain cases and in return for compensation to be paid to the promoter. This being…...
21/08/2015
The preliminary contract is an important step in any purchase of new or a property to be built. At all times, the unequivocal will for the buyer to acquire the property must be registered. Although the Civil Code of Quebec specifies the mandatory content of a preliminary contract, the statements…...