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An amount paid in advance by the purchaser to the developer or to the notary, at the signing of the preliminary contract or before the signing of the deed of sale, which shall be deducted from the sale’s price. Notwithstanding any agreement to the contrary, any deposit paid to a builder or a developer toward the purchase of a fraction of an immovable under divided co-ownership must be fully protected by one or more of the following means: a guarantee plan, insurance, a suretyship or a deposit in a trust account of a member of a professional order according to the terms and conditions determined by government regulation.
21/08/2015
Building a condominium requires major investments on the part of a developer. This is the reason why a down payment will be required upon signing the preliminary contract for the desired condo unit. The Civil Code of Quebec provides that “any amount paid on the occasion of a promise of sale is…...
04/12/2023
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…...
01/06/2021
L'article 1068.1 du Code civil du Québec, issu du Projet de loi 16, obligera une plus grande transparence lors d'une transaction en copropriété. Le document d'attestation prévu dans cet article posera des questions pointues sur "l'état de la copropriété", afin que les acheteurs sortent du brouillard avant d'acquérir un appartement…...
21/08/2015
The preliminary contract is an important step in any purchase of new or a property to be built. At all times, the unequivocal will for the buyer to acquire the property must be registered. Although the Civil Code of Quebec specifies the mandatory content of a preliminary contract, the statements…...