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The Act respecting duties on transfers on immovables obliges local municipalities to collect a duty on the transfer of any immovable situated on their territory. Taxable to the purchaser, this right is called "welcome tax" not to qualify a sign of hospitality but in memory, perhaps a little in derision, of the minister of municipal affairs at the time, Jean Bienvenue. It is a significant source of revenue for municipalities. As a general rule, the…...
In undivided co-ownership,, withdrawal and preemption rights can disrupt the course of a real estate transaction. It is important to understand that in this type of co-ownership, other co-owners may have priority over a potential buyer. The latter's property title could be uncertain for a certain period: a buyer who acquires rights in an undivided co-ownership without first obtaining the approval of all co-owners risks having their share bought back and being excluded from the…...
Seeking the services of a real-estate broker, who was formerly referred to as a real estate agent, is not mandatory. However, unless you are able to assume the purchase and / or sale of a fraction of a building held in divided co-ownership by yourself, which will require ample time as well as in-depth knowledge in various fields, you would benefit from being accompanied by a competent real estate broker during your procedures. When you use…...
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…...
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…...
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…...
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…...
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…...
In divided co-ownership, the property of the building is divided among the co-owners in the form of "fractions." Each fraction includes a clearly defined private section, such as an apartment, a parking space, a storage unit, or even sometimes a piece of land. Additionally, each fraction grants a share of the common portions and, in some cases, an exclusive right of use to certain common portions. In other words, a fraction of co-ownership is the result of…...
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…...
