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For the promising buyer, the offer to purchase is a way to reserve a property on conditions that he sets himself. When signing an offer to purchase, it may be that certain aspects surrounding the sale are beyond its control. This will happen, for example, if they have to sell their principal residence before buying, or if they need to get a mortgage before acquiring the new property. To this could be added another imponderable,…...
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…...
At the signing of the deed of sale before the notary, an authentic copy of the declaration of co-ownership must be remitted to you.In order to maintain the stability of this contractual framework, every purchaser undertakes, by signing his deed of purchase, to abide to the declaration of co-ownership and the by-laws of the immovable adopted and filed in the register of the co-ownership. The purchaser is thus bound by the declaration of co-ownership, even…...
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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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…...
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By buying an apartment in a co-ownership, you will most likely invest the largest amount of money of your life. 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 condo that suits you, the first thing to do is to appreciate the condition, as well as that of the building that houses it. Remember that the acquisition of an…...
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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.…...
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 purchase of a condo leased to a third party is a frequent occurrence in the resale market. Save for an agreement to the contrary, nothing prohibits a co-owner lessor from selling and a purchaser of purchasing an apartment even though the tenant wishes to continue to reside in it. The lease is attached to the immovable, not to the co-owner/ lessor. The lease will continue to be in force even if the unit is…...
Before buying the apartment of your dreams, find out about the status of the common expenses associated with it, especially those that may have remained unpaid by the seller. Common expenses, better known as " condo fees", which you will have to pay once you become a homeowner, are an essential component to consider. They correspond to the current expenses that you will have to pay regularly for the operation, the administration of the co-ownership and…...
