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.
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…...
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 of immovable property goes through the notary, the latter must ensure, as a public officer, the proper execution of the contract, while giving him the necessary legal certainty. Because of its particular effects under the law, the notarial deed has much more stringent requirements and formalities than those applicable to an ordinary document. In this regard, section 43 of the Notaries Act prescribes that: " A notary shall, by all reasonable means,…...
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…...
The deed of sale must show the intent of both the seller and the purchaser. It confirms the agreements between the parties, in particular those of a financial nature. These agreements are generally written in details in the offer to purchase. Keep in mind that it is not compulsory to reproduce in the deed of sale, all the terms and conditions of the offer to purchase. This is the reason why the deed of sale generally…...
The transfer of ownership will take place at the signing of the deed of sale, as well as the taking of possession which usually takes place on the same day. In return for the payment of the sum agreed to the seller, the buyer will have the full enjoyment of the property sold. In addition, during the transfer of ownership, the seller transfers all the risks associated with the building. In this regard, the deed…...
Even after the transfer of ownership, the buyer benefits from several guarantees. Unless otherwise stated, the sale of a building is subject to a basic guarantee, generally called the "legal guarantee". This guarantee exists by the sole effect of the law, that is to say without it being necessary to provide for it in the contract. Under article 1716 of the Civil Code of Quebec, the legal guarantee has two components, namely the guarantee of the right…...
When selling an immovable, the buyer is required to pay with interest on all common expenses owed by the seller (article 1069 of the Civil Code of Quebec). The syndicate will then be able to claim sums from him that he never thought he would have to pay. However, if a request concerning the statement of common expenses has been sent to the syndicate (before the final sale), either by the notary or by the…...
The offer to purchase is an important step in any real estate purchase. The Civil Code of Québec does not exhaustively specify the mandatory content ofan offer topurchase. However, the unequivocal will for the buyer to acquirethe property must be registered. Tobe valid, it must include a certain number of mandatory information, under penalty of nullity. The main mentions are the names and contact details of the parties involved, the identity of the targeted building…...
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…...
