How can you prepare to sell your co-ownership property?

The decision to sell your divided co-ownership property is an important one, and being well prepared can make all the difference in the selling process. As a seller, it is essential to understand the steps that lead to a successful transaction. In this article, we will explore the key steps to go through when preparing to sell your co-ownership property, which will put you in the best position for a smooth transaction and peace of mind!
 

Choosing a real estate broker
Choosing a real estate broker is often the first step in the process of selling a property—and a crucial one. Indeed, having an experienced and reliable professional on your side can make an enormous difference to the success of your transaction. It is generally a good idea to talk to several brokers before choosing the one who is best suited to your needs. Here are a few things to consider when choosing a broker: 

• Skills and experience: Look for a broker who is experienced in selling divided co-ownership properties. As the rules governing this type of property have been revised in recent years, the broker must have in-depth knowledge of this sector in order to provide you with accurate advice. Also be sure to choose a broker who is knowledgeable about the property market in your area.
• Recommendations: Ask for recommendations from friends, family or colleagues who have sold property recently. Their personal experience may help you find a broker you can trust. Also look at online reviews and testimonies on potential brokers’ websites to get a sense of the services they provide.
• Licence and professional record: Ensure that the broker has a licence issued by the OACIQ (Organisme d’autoréglementation du courtage immobilier du Québec) and check their professional record on the OACIQ website.

Preparing documents
Looking ahead to the sale of your co-ownership property, it is important to gather together all the documents relevant to the transaction. For instance, the following documents must be provided to your broker: the ownership title, the up-to-date location certificate, the declaration of co-ownership including the by-law of the immovable and any amendments thereto, the minutes of meetings of the co-owners and of board meetings for the last number of years, the insurance policy for the entire co-ownership, the description of the private portion, the documents and information pertaining to the self-insurance fund, the financial statements of the co-ownership, the inspection report and other expert reports, the most recent tax accounts and receipts, the list of changes or improvements made to your co-ownership, the asset management plan including planned works, and the building’s status certificate.
Having all your documentation ready before your first meeting with the selected broker will help them to get an overview of the situation and have an informed conversation with you about the planned sale. 

Signing the brokerage contract to sell
In order to represent you, your broker will ask you to sign a brokerage contract to sell. This document is necessary because it authorizes your broker to represent you throughout the transaction. This contract establishes the conditions of the association between you and your broker, including its duration and the terms of remuneration. 
Before signing, make sure you understand each clause in the contract and address any questions to your broker, as needed. It is also important to discuss marketing strategies with your broker and to agree on a plan to advertise your co-ownership property effectively.

Declarations by the seller
When signing the brokerage contract to sell, you must also complete and sign a form known as the “declarations by the seller.” This requires the seller to disclose all the important information they know about the property, even if it may have a negative impact on the market value. This includes not only current issues but also any that may have arisen and/or been resolved in the past. It is important to fill out this form carefully and honestly, as any omissions or false declarations may have legal consequences. Your broker will be able to help you decide what information needs to be disclosed and how to do so appropriately.
In conclusion, preparing to sell your divided co-ownership property requires meticulous planning and a clear understanding of each stage of the transaction. By working closely with your real estate broker and going through the process step-by-step, you can maximize your chances of success and complete your transaction with peace of mind.

RE/MAX is a network of real estate brokers specializing in the sale, purchase and rental of divided co-ownerships throughout Québec. These professionals are able to obtain and review all documentation relevant to the transaction and advise you accordingly. Furthermore, brokers affiliated with RE/MAX’s Coproprié-T program have access to an exclusive training program called Coproprié-T, which has been specially designed for co-ownership. This training allows them to maintain high quality service standards for transactions involving divided co-ownerships. 

Good to know! Looking for the assistance of a qualified professional for buying or selling your co-ownership? Look for a broker affiliated with the Coproprié-T program on the RE/MAX website! https://www.remax-quebec.com/en/real-estate-brokers
 

Me Julie Smythe, MBA
Legal Affairs Director
RE/MAX Québec
https://www.remax-quebec.com
For the list of our Coproprie-T Affiliated brokers : https://www.remax-quebec.com/en/real-estate-brokers?Copropriet=1