The developer needs to make a large investment to build an immovable in co-ownership. Therefore, he will require a deposit at the signing of the preliminary contract. The deposit is your first payment to the vendor. The amount should be proportional to the purchase price of the apartment.
The intervention of the notary is very important when purchasing an apartment in a divided co-ownership. A professional, member of the “Chambre des notaires du Québec” (Québec Chamber of Notaries), he is also a public officer. As such, the notary has without limitation the mission of executing deeds to which the parties wish or are required to endow with authenticity (such as a declaration of co-ownership). Even though it is preferable that he should get involved at the outset of a transaction, this legal adviser usually gets involved after the signing of the offer to purchase or of the preliminary contract.
The notary, in his capacity of public officer:
Warrants the validity of the deed of sale;
Is bound to act objectively and to give legal advice to all the parties (equally to the purchaser and the vendor);
Is bound to a duty of information to the parties, which means he should give the parties relevant advice and information in relation with the deeds signed before him.
18 mars 2010- L’achat ou la vente d’une résidence ou d’un condo requiert une grande planification. Les dates de signature de la transaction et de prise de possession en font partie intégrante. En effet, un retard sur la date prévue entraîne des incidences logistiques et monétaires pouvant être importantes, tant pour les acheteurs que pour les vendeurs.
Furthermore CondoLegal.com would not exist without the time spent, the efforts and the expertise of a team of seasoned Quebec co-ownership law notaries.
The notaries are also very much involved in drafting and preparing : factsheets, the latest news, videos and questions / answers. The issues and legal problems related, without limitation, to purchases and the declarations of co-ownership are significant.
Finally, the notaries will, jointly with lawyers, answer your questions directly if the information proposed by Condolegal.com is not sufficient for your purpose.