Definition : Guarantee plan for new residential buildings

Suretyship offered by an agency intended to guarantee in part the quality of construction of new residential buildings. There are two different types of guarantee plans: a compulsory guarantee plan for new residential buildings, governed by the Regulation respecting the guarantee plan for new residential buildings, and optional guarantee plans which cover, in certain cases, specific types of buildings.

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October, 8, 2016 - Article 1039 of the Civil Code of Québec stipulates that the syndicate of coowners is responsible for the preservation of the immovable, its maintenance and the administration of the common portions. As a result, the initiative to undertake work in common portions comes from the syndicate, acting through its Board of Directors. This applies both to work intended to correct construction defects and work for the rehabilitation of the immovable, following a loss caused by a co-owner.
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Optional guarantee plans are sometime offered, for buildings not covered by the Guarantee plan for new residential buildings (compulsory guarantee plan). This form of guarantee is intended for those buildings comprising five or more superimposed private portions , and buildings renovated and converted into co-ownership (such as: abandoned factories, schools and churches). The optional guarantee plans are managed by the “APCHQ”, the “ACQ” and the “APECQ”.
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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. This down payment, which represents the first installment to the seller, varies according to the unit’s total price.  
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There are two different types of guarantee plans: a compulsory guarantee plan for new residential buildings, governed by the Regulation respecting the guarantee plan for new residential buildings, and optional guarantee plans which cover, in certain cases, specific types of buildings.
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When the time comes to sign an offer to purchase, the vendor will often ask for a deposit, known familiarly as a « down-payment», to be deducted from the sale’s price. Even though there is no legal obligation to give a deposit, this practice offers to the vendor assurances of your intention to purchase and of your apparent solvency.  
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