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Buying real estate is for most people the most important investment of their lives. Such a decision must necessarily be well planned and thoughtful. But when this purchase concerns a dwelling in divided co-ownership, the operation is even more delicate and requires additional prior checks. Despite all this type of housing is attractive, because it allows easier access to the property, due to a lower cost to buy, if we compare it to that of…...
When a co-owner sells their fraction (e.g., their apartment), they must provide the prospective buyer, in due time, with a certificate attesting to the condition of the immovable held in co-ownership. Prepared by the syndicate of co-owners, this document provides essential information not only about the building itself but also about the management of the co-ownership. This certificate allows the buyer to make an informed decision, promotes transparency, and reduces the risk of disputes. It…...
Section 1719 of the Civil code of Québec states that the seller must provide the buyer with a copy of the deed of purchase, as well as with a copy of the owner history and of the certificate of location he has on hand. Prepared by a land surveyor, the certificate of location is part of the property titles the seller must supply. In the interest of the buyer, the certificate of location should clearly describe…...
Large-scale real estate developments in divided co-ownership are often carried out in successive stages, the number of buildings and the duration of the work are a function of the marketing and interim construction financing. Some co-ownerships have more than one building that have in common community spaces such as a parking lot, a swimming pool and traffic lanes. In such a context, it is then a question of "co-ownership in phases". This type of co-ownership…...
The purchase of your apartment ends with the signing of the deed of sale. As soon as all the conditions for closing the sale are met, the seller must transfer ownership to you, subject to consideration. This is where the notary comes in. His work is extremely important, as it is his job to verify the conformity of the facts and the law arising from the sale. In addition, it is important to know that…...
When purchasing real estate, it's important to fully understand the different types of ownership that affect your rights and obligations as a potential buyer. If you're looking for an apartment, ask whether it's part of a divided or undivided co-ownership. While both involve sharing a building among several co-owners, the legal and financial implications differ significantly. These two types of co-ownership have distinct methods of ownership, property rights, and responsibilities. Here’s an overview of the…...
When purchasing an apartment in a high-rise building, the buyer automatically becomes a co-owner in a vertical co-ownership, where the units are stacked on top of each other. However, when acquiring a house (detached, townhouse or semi-detached) located on a shared piece of land with other houses, it typically falls under horizontal co-ownership., where the units are side by side. In this type of co-ownership, the land surrounding the house may be designated as a private portion, but some…...
It may sometimes happen that the newly constructed building cannot be immediately subject to a declaration of co-ownership because of the delays surrounding the filing of the cadastral plan with the land register. It is therefore impossible to create the co-ownership and to proceed with the signing of the notarial deeds of sale in favour of the buyers. It is therefore possible that you want to occupy the apartment you intend to buy, and this…...
A mortgage broker is a mortgage finance professional who acts as an intermediary between the borrower and the lender. Since May 1, 2020, mortgage brokerage has been a discipline covered by the Act respecting the distribution of financial products and services and subject to the regulation of the Autorité des Marchés Financiers (Financial Markets Authority) to ensure the protection of the public. Not only must every mortgage broker have professional liability insurance, they must respect the…...
After reaching an agreement on the conditions of sale with a builder or developer, you will be asked to sign a preliminary contract.It is compulsory only in the case of the sale of a dwelling to be occupied by a natural person, It is not compulsory for a sale to a company. The preliminary contract precedes the purchase of any new or to be built property. Existing condos are generally the object of an offer to…...
