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An offer to purchase, also known as a promise to purchase, precedes any transaction relating to an existing property, as opposed to new or to be build condos, which are accompanied by a preliminary contract. The initiative of an offer to purchase is taken by a potential buyer, who will establish the conditions for the acquisition of a property. Although this document is not mandatory, legally speaking, it represents a mandatory passage for most buyers.…...
The Regulation respecting the guarantee plan for new residential buildings regulates the liability of the contractor (developer) for any problem related to the quality of the construction work. In this regard, this regulation has provided for a specific protection regime for divided co-ownership. Whether it is a private or common portion, a co-owner or the syndicate of co-ownership is entitled to ask the contractor or the administrator of the guarantee plan, namely the Residential Construction…...
The offer to purchase usually indicates a period during which the seller can accept or refuse it. It is essential to attach a period of acceptance and notification to the offer to purchase. This period is equivalent to the period of time during which this offer to purchase will remain valid. The seller can then accept or refuse it. Failing to include this period in the offer to purchase, the Civil Code of Quebec provides that it…...
Real estate developers who are not the holders of the appropriate license for the construction of the Régie du Bâtiment du Québec may have a legal existence, be listed in the yellow pages and advertise in newspapers or on the Web. However, before signing a preliminary contract for the purchase of an apartment in a new construction, make sure that the chosen developer is accredited by Garantie de construction résidentielle (GCR) and holder of the…...
In 1999, the Government of Quebec introduced a Regulation respecting the guarantee plan for new residential buildings to protect the owners of new homes and certain condominiums. This regulation, prepared in the wake of the government guidelines proposed at the Summit on the Construction Industry in Quebec in the fall of 1993, was intended to respond to consumers' concerns about the too often dubious quality of construction in the residential sector and the many frustrations they…...
How to be sure that the off-plan apartment you have spotted meets your expectations and needs? One of the keys to success in the purchase of a new home: the quality of your exchange with the real estate developer. In this regard, the Law grants to purchasers the right of obtaining the most truthful and complete information possible on the nature and exact characteristics of the property being sold. This obligation encompasses all the critical and…...
Optional guarantee plans are sometime offered, for buildings not covered by the Guarantee plan for new residential buildings (compulsory guarantee plan). This form of guarantee is intended for those buildings comprising five or more superimposed private portions , and buildings renovated and converted into co-ownership (such as: abandoned factories, schools and churches). The optional guarantee plans are managed by the “APCHQ”, the “ACQ” and the “APECQ”. The rules governing these guarantee plans are quite different from…...
The Guarantee Plan for New Residential Buildings differs from the private guarantee plans offered on the market by the nature of the guarantees offered and the mechanisms for asserting its rights. In this regard, the terms and conditions are set out in the the Regulation respecting the guarantee plan for new residential buildings, which is the responsibility of the Régie du Bâtiment du Québec (RBQ). Finally, unlike private guarantee plans, any purchaser of a building covered…...
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When purchasing a new recently built condo or buying “off plan”, you will be compelled to sign a preliminary contract with the vendor (developer or builder). Before signing this contract you should insist that it provides a condition giving you the opportunity to carry out a due diligence to obtain all the relevant information you will need to make a rational decision. .Even in this day and age only a handful of consumers go through…...
When the sale concerns a fraction of a divided co-ownership of a residential immovable, the preliminary contract must be accompanied, at the time of its signature, by certain documents (such as forming with it an indivisible whole). This includes the information note on the essential characteristics of the project, whether it is a new co-ownership or under construction, or a building that has undergone major renovations to the point of now being considered new. In…...
