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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…...
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…...
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…...
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…...
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,…...
Common expenses are payable by the person who is the title owner upon receipt of the notice of assessment. However, when selling a fraction, the buyer may be required to pay with interest for all common charges owed by the seller (Article 1069 of the Civil Code of Québec). It should be remembered that common expenses correspond to the sums of money that the syndicate of co-owners collects from the co-owners to meet the expenses…...
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…...
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…...
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…...
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…...
