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Guarantee taken by a creditor, affecting immovable property and granting him certain specific rights upon such property to secure the payment of a debt. The immovable hypothec ensures, without limitation, that the creditor is to be preferred over certain other creditors of the debtor and that he will be able to exercise a hypothecary remedy, even if the property changes hands. It must, under pain of absolute nullity, be granted by notarial act en minute and it must be published at the registry office to be set up against third persons. It is usually granted by a financial institution (the creditor) to allow a buyer (the debtor) to acquire an immovable (e.g. a condominium or a house).
09/06/2024
Sometimes, co-owners of contiguous private portions wish to modify the boundaries of their private portions. For example, if one of the two co-owners wishes to enlarge their apartment by incorporating part of the adjacent unit, specific procedures are necessary. Similarly, when a co-owner wishes to merge two units they own…...
29/05/2024
You move into your new condo. A few weeks later, a bailiff knocks on your door and serves upon you a notice of preservation of a legal hypothec of construction. He also served all your neighbors. Reading this document, you learn that a dispute remains unresolved between the developer and…...
03/06/2015
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…...