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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 contained therein are not exhaustive. To be valid, the preliminary contract must include a certain number of mandatory information, under penalty of nullity. It is…...
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 sale of a residential immovable intended for a natural person who acquires it to live in it, whether it is built or to be built by a builder or developer, must be preceded by a preliminary contract. Article 1785 of the Civil Code of Quebec obliges the builder to enter into such a prior-contract with the buyer (which precedes the contract of sale itself). This contract formalizes the promise to sell and buy the…...
An obligation exists for the seller, namely that of announcing the exact size of the unit he is selling. Most buyers attach great importance to the area/price ratio of an apartment, as this is a data that will greatly influence the price offered or their decision to buy or not. Therefore, before signing the deed of sale, take the time to carefully check the area of the unit. Discrepancies between what is shown on the…...
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 presumed to be a deposit on account of the price, unless otherwise stipulated in the contract”. This down payment, which represents the first installment to…...
Buying a condo isn’t only a matter of the inspection of the targeted immovable property. The atmosphere of the neighborhood is equally important because it can vary from place to place. Beyond the rules of conduct in force in the coveted co-ownership, knowing the dynamics of the neighborhood should always be a priority. The purchase of a condo is a long-time commitment for many purchasers. In fact, he will have to live in it at…...
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In your eagerness to finalize your offer to purchase, you may forget to ask the co-owner-seller if, over time, work has been carried out in the apartment. Yet, this question is of the utmost importance as it will allow you to ensure, as the case may be, that it has been executed correctly and legally. Also, it is required to refer to the declaration of co-ownership to know the rules that apply in this matter.…...
At the time of concluding the offer to purchase, it is customary for the promising buyer to pay a deposit or security deposit of a variable amount. The amount thus paid will be deducted from the amount to be paid if the sale is concluded and will be remitted to the seller. Although a buyer is not legally required to pay a deposit, this practice offers the seller an additional guarantee as to his true…...
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Has a condo in divided co-ownership caught your attention? Are you seriously considering buying it, but first, you'd like to know more about the immediate neighborhood? To gather additional information beyond what the seller has provided, you will often need to conduct your own investigation. This step is important on account of the possibility of abnormal neighborhood annoyances caused by noise, odors and smoke, the main cause of co-owners’ conflicts. It is therefore essential to…...
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…...
