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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…...
You've decided to buy a condo. This type of acquisition is an efficient way to buy a home. For most of you, housing is not just an investment, it is also a source of well-being, self-projection and life organization. In co-ownership, it promotes the quality of living together in neighbourly relations. Becoming a co-owner in a co-ownershipis not limited to choosing an apartment. There are other criteria to consider before taking this step. It is…...
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 are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?...
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 the persons who participated in its construction or renovation (architect, engineer, supplier of materials, workman, construction contractor or subcontractor) so that they can be reimbursed…...
The notary is a jurist with the task of public officer, who ascertains the free and informed consent of the parties. The notary also has the role of legal adviser. It therefore protects consent. The intervention of the notary is very important when purchasing an apartment in a divided co-ownership. A professional, he is a member of the “Chambre des notaires du Québec” (Québec Chamber of Notaries). In this capacity, the notary's mission is to receive,…...
Venturing into the buying process might seem daunting, but it's the first step toward fulfilling your dream of homeownership. After diligent searching, you've found the perfect apartment: meticulous renovations paired with tasteful decor. This dream home, complete with a gym, panoramic terrace, swimming pool, and underground parking, is now within your reach. The excitement of this potential purchase is palpable, though the purchase of a divided co-ownership apartment comes with its set of challenges. As…...
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Buying an apartment in a co-ownership is a major investment in a lifetime. In order to avoid being caught off guard during the steps prior to this acquisition, you will need to be well accompanied. After finding the apartment, the first thing to do is to appreciate the condition of it, as well as that of the building that houses it. To do things right, you need to seek the services of a building inspector.…...
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…...
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…...
Undivided co-ownership has existed since time immemorial, even before the existence of divided co-ownership. Joint ownership allows two or more people to own a building while sharing the acquisition and operating costs. A co-ownership is said to be undivided when the right of ownership is not accompanied by a physical division of the property. The building usually has only one lot number. The owners own a share of this lot. Municipal and school tax bills…...
