July 4, 2018 - Condo buyers dealing with a real estate broker now have at their disposal a new tool to better protect their transaction. The coming into force of the mandatory form Declarations of the seller upon the immovable - Divided co-ownership, on July 1, 2018, will allow purchasers to obtain crucial information to govern them during their purchase.
Prepared by “l’Organisme d’autorèglementation du courtage immobilier du Québec [the Quebec organization for the self-regulation of real estate brokerage (OACIQ)]," it allows the seller to declare the current state of his property", to protect him from a possible recourse. As for the buyer, this document provides the necessary details so that he can "make an informed decision," states OACIQ.
Given the "growth in the volume of condominiums sales and purchases, we felt it had become necessary to draft this new form better adapted to this particular reality," said Nadine Lindsay, OACIQ’s president and CEO. This form must be brought to the attention of the buyer and attached to the Promise to purchase.
It allows, without limitation, to know if the coveted apartment is rented or has been rented, if the co-ownership has prepared a contingency fund study, as the case may be. Other relevant questions include: has the unit ever been affected by water damage, water infiltration in the basement or elsewhere? Is there evidence of significant condensation in the winter, as well as traces of mold and rot? What is the installation year of the hot water tank? Etc.
"A real estate transaction can be complex, and buying or selling a co-ownership has its own particular set of challenges. It is to better protect consumers that we have prepared this form, concurrently with all the actions we undertake as part of our mission, "concludes Nadine Lindsay.
Montréal, July 4, 2018
By François G. Cellier for Condolegal.com