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Co-ownership is a collective property in which the co-owners have a right of ownership over their respective fraction: each co-owner has an undivided right to the common portions while he will have an exclusive right of ownership over his private portion. This is how you purchase an apartment in a building in divided co-ownership, you become the owner of your dwelling (private portion), but also owner of an undivided part of the building called common…...
When you want to buy a condo, there are important checks to do and documents to obtain. One of the main checks is to know the financial health of the syndicate. This information must be complete and transparent. If the co-ownership has been poorly managed, you could find yourself paying significant special contributions that could put you in a precarious situation. That is why we need to collect as much information as possible. Thus, you…...
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…...
Extrait de l'émission d'Isabelle Maréchal du 7 septembre 2012 diffusée au 98.5 FM....
When you buy a unit in divided co-ownership, you do not only acquire an apartment. You also join a group of co-owners responsible for the accounts to be paid to maintain and preserve the building. It is therefore important to be careful and to check, upstream, the financial statements and the good management of the syndicate. To get a clearer picture, the two basic questions to ask are: Have the directors put in place an…...
The declaration of co-ownership is intertwined with the purchase of an apartment held in divided co-ownership. A genuine "user's guide", this document defines the rules to be observed in the immovable, as well as its administrative and management guidelines. Before acquiring a condo, any careful buyer should, imperatively, read the declaration of co-ownership. He will thus be able to verify the extent of his obligations and duties and the limits to his ownership rights. He will…...
Once the apartment of your dreams in your price range found, the next step is to make an offer to purchase, either verbally or in writing. Although the verbal option is legally valid, it is better to formalize it in writing. L’Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) (the Quebec Organization for the Self-Regulation of Real Estate Brokerage) imposes a rule of ethics, namely that all acting real estate brokers must record in writing…...
The signing of the preliminary contract binds the parties involved, namely you and the developer or builder. However, the law gives you a short "reflection" period, during which you can still terminate the contract unilaterally, in certain cases and in return for compensation to be paid to the promoter. This being said, the Civil Code of Quebec provides that you have the right within a period of 10 days to unilaterally cancel this contract, which means that you…...
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…...
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…...
