By continuing your navigation, you accept the use of cookies to have services and offers tailored to your interests.
To learn more view our Cookie Policy.
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…...
The characteristic of divided co-ownership is to divide the building into various lots that will be the exclusive property of the co-owners (private portions), and for others that will be the property of all the co-owners (common portions). These lots are identified by an individual number, which was assigned during the cadastral operation. Each of the private lots of the co-ownership thus constituted becomes a unique property. The distinction between the common and private portions is…...
.png)
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…...
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…...
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…...
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…...
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…...
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,…...
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…...
