RSS condolegal 2019-10-23T07:27:05+0000 Zend_Feed_Writer http://en.condolegal.com/ condolegal contact@condolegal.com http://www.condolegal.com <![CDATA[Divided co-ownership (‘‘condo’’) and undivided co-ownership]]>

When shopping for an apartment, you must find out if it is in a divided or undivided co-ownership. Even though both concepts are similar in that their ultimate goal is the partition of an immovable between several persons called co-owners, the financial and legal commitments are different.

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2019-07-17T13:56:00+0000 2019-07-17T09:45:42+0000 http://en.condolegal.com/purchase/factsheets/705-divided-condo-undivided-condo When shopping for an apartment, you must find out if it is in a divided or undivided co-ownership. Even though both concepts are similar in that their ultimate goal is the partition of an immovable between several persons called co-owners, the financial and legal commitments are different.
<![CDATA[Horizontal co-ownership]]> By purchasing a condo (apartment) in a residential tower, you automatically become an owner in a vertical co-ownership. You can also be in a divided co-ownership, if you purchase a house (semi-detached or townhouse), built on the same lot than other individual homes. It is then called a horizontal co-ownership.

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2015-06-10T08:00:00+0000 2019-09-27T20:22:36+0000 http://en.condolegal.com/purchase/factsheets/1907-Horizontal-co-ownership By purchasing a condo (apartment) in a residential tower, you automatically become an owner in a vertical co-ownership. You can also be in a divided co-ownership, if you purchase a house (semi-detached or townhouse), built on the same lot than other individual homes. It is then called a horizontal co-ownership.
<![CDATA[Private portions and common portions]]> The essence of divided co-ownership (condo) is to divide the building into private portions for the exclusive use of a co-owner, and into common portions for the common use of all the co-owners or of one or more co-owners.

Private portions

The private portions are the fractions of the immovable in which the co-owners have an exclusive right of property. They are described in the part of the declaration of co-ownership dedicated to the cadastral description of the fractions. These portions are physically identifiable. It can be an apartment, a parking space or a parcel of land in the case of townhouses. Each private portion has its own cadastral designation.

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2015-06-09T23:43:00+0000 2019-09-20T20:10:42+0000 http://en.condolegal.com/purchase/factsheets/509-private-portions-and-common-portions The essence of divided co-ownership (condo) is to divide the building into private portions for the exclusive use of a co-owner, and into common portions for the common use of all the co-owners or of one or more co-owners. Private portions The private portions are the fractions of the immovable in which the co-owners have an exclusive right of property. They are described in the part of the declaration of co-ownership dedicated to the cadastral description of the fractions. These portions are physically identifiable. It can be an apartment, a parking space or a parcel of land in the case of townhouses. Each private portion has its own cadastral designation.
<![CDATA[Buying a condo ?]]> The purchase of a condo gives you easier access to property, on account of lower costs compared to a single family home. Young couples and tenants take advantage of this formula. An increasing number of them opt for condo life, which allows them at last to become owners.

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2015-06-08T23:26:00+0000 2019-06-13T15:00:34+0000 http://en.condolegal.com/purchase/factsheets/507-buying-condo The purchase of a condo gives you easier access to property, on account of lower costs compared to a single family home. Young couples and tenants take advantage of this formula. An increasing number of them opt for condo life, which allows them at last to become owners.
<![CDATA[Condominium shopping guide]]> You have taken the decision to purchase an apartment in a co-ownership. It is often an excellent investment and an easy way to have access to home ownership. In many instances, it will be the investment of a lifetime.

This purchase will involve you, from day one, in the community of co-owners for years to come. Be aware: this decision should not be taken lightly to ensure that your purchase will not become a nightmare.

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2015-06-07T14:31:00+0000 2019-09-30T11:17:49+0000 http://en.condolegal.com/purchase/factsheets/519-condo-shopping-guide You have taken the decision to purchase an apartment in a co-ownership. It is often an excellent investment and an easy way to have access to home ownership. In many instances, it will be the investment of a lifetime. This purchase will involve you, from day one, in the community of co-owners for years to come. Be aware: this decision should not be taken lightly to ensure that your purchase will not become a nightmare.
<![CDATA[Offer to purchase]]>

You have found the apartment of your dreams. At last, you will buy the property you have coveted. But before signing the offer to purchase, nagging doubts are in the back of your mind, you have many questions:

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2015-06-07T00:31:00+0000 2017-12-20T08:15:16+0000 http://en.condolegal.com/purchase/factsheets/973-offer-to-purchase You have found the apartment of your dreams. At last, you will buy the property you have coveted. But before signing the offer to purchase, nagging doubts are in the back of your mind, you have many questions:
<![CDATA[Preliminary contract]]> After reaching an agreement on the conditions of sale with a builder or developer, you will be asked to sign a preliminary contract.

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2015-06-05T23:55:00+0000 2019-09-10T14:53:57+0000 http://en.condolegal.com/purchase/factsheets/1885-preliminary-contract After reaching an agreement on the conditions of sale with a builder or developer, you will be asked to sign a preliminary contract.
<![CDATA[Pre-purchase inspection]]> Buying an apartment in a co-ownership is a major investment in a lifetime. To avoid being caught off guard during the process leading to your purchase, you should seek proper assistance.

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2015-06-04T23:14:00+0000 2019-10-14T18:50:40+0000 http://en.condolegal.com/purchase/factsheets/528-pre-purchase-inspection Buying an apartment in a co-ownership is a major investment in a lifetime. To avoid being caught off guard during the process leading to your purchase, you should seek proper assistance.
<![CDATA[How to finance a property in a co-ownership ]]>

It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?

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2015-06-03T09:00:00+0000 2019-10-06T09:58:08+0000 http://en.condolegal.com/purchase/factsheets/954-how-to-finance-a-property-in-a-co-ownership- It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
<![CDATA[Interim occupancy agreement]]> You may wish to occupy your apartment before signing the deed of sale. In order to do so, you will be asked to sign a interim occupancy agreement with your developer.

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2015-06-03T02:06:00+0000 2017-10-04T20:58:49+0000 http://en.condolegal.com/purchase/factsheets/513-interim-occupancy-agreement You may wish to occupy your apartment before signing the deed of sale. In order to do so, you will be asked to sign a interim occupancy agreement with your developer.
<![CDATA[Deed of sale]]> The final step in the purchase of your apartment is the signing of the deed of sale. As soon as all the prior conditions of the sale are satisfied, the vendor must transfer the property upon the payment of the price.

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2015-06-03T01:43:00+0000 2018-07-01T09:11:24+0000 http://en.condolegal.com/purchase/factsheets/646-deed-of-sale The final step in the purchase of your apartment is the signing of the deed of sale. As soon as all the prior conditions of the sale are satisfied, the vendor must transfer the property upon the payment of the price.
<![CDATA[Certificate of location]]>

Prepared by a land surveyor, the certificate of location should be in the title file of the immovable. In most cases it is required for a real-estate transaction. Regardless of whether the seller has a certificate of location in his possession, the obligation to supply one remains. If the vendor does not have a certificate, the seller must have one prepared. Furthermore, obtaining title insurance does not relieve the seller of his obligation to provide an up-to-date certificate of location.

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2015-06-02T01:18:00+0000 2019-09-20T20:12:42+0000 http://en.condolegal.com/purchase/factsheets/530-certificate-of-location Prepared by a land surveyor, the certificate of location should be in the title file of the immovable. In most cases it is required for a real-estate transaction. Regardless of whether the seller has a certificate of location in his possession, the obligation to supply one remains. If the vendor does not have a certificate, the seller must have one prepared. Furthermore, obtaining title insurance does not relieve the seller of his obligation to provide an up-to-date certificate of location.
<![CDATA[Allocation of condo fees between the vendor and the purchaser]]> Before purchasing the apartment of your dreams, find out the status of the expenses (condo fees) of the apartment owing by the vendor, as you will have to pay the arrears once you become the owner of the apartment.

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2015-06-01T20:38:00+0000 2019-08-11T01:43:01+0000 http://en.condolegal.com/purchase/factsheets/536-allocation-vendor-purchaser Before purchasing the apartment of your dreams, find out the status of the expenses (condo fees) of the apartment owing by the vendor, as you will have to pay the arrears once you become the owner of the apartment.
<![CDATA[Transfer duties ]]> Transfer duties, commonly called “welcome tax” implemented in 1976 by the then minister for Municipal affairs, Guy Tardif. An “urban myth” falsely attributes the parenthood of this tax to the liberal minister Jean Bienvenue. (Bienvenue means “welcome” in French). An additional source of revenue for cities and municipalities, the tax requires you, as the new owner, to pay duties on the acquisition of real estate. It applies to transfers of any new or used building and land, unless exempted by Law.

Any new owner has 30 days to pay his transfer duties from the receipt of an invoice asking him to pay. Generally, this invoice is sent a few weeks after the acquisition of the apartment.

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2015-05-29T21:46:00+0000 2019-06-20T15:28:10+0000 http://en.condolegal.com/purchase/factsheets/554-transfer-duties Transfer duties, commonly called “welcome tax” implemented in 1976 by the then minister for Municipal affairs, Guy Tardif. An “urban myth” falsely attributes the parenthood of this tax to the liberal minister Jean Bienvenue. (Bienvenue means “welcome” in French). An additional source of revenue for cities and municipalities, the tax requires you, as the new owner, to pay duties on the acquisition of real estate. It applies to transfers of any new or used building and land, unless exempted by Law. Any new owner has 30 days to pay his transfer duties from the receipt of an invoice asking him to pay. Generally, this invoice is sent a few weeks after the acquisition of the apartment.
<![CDATA[Real-estate broker]]>

It is not compulsory to retain the services of a real-estate broker (real-estate agent).

This being said, unless you are capable of handling on your own the purchase or the sale of a condo, and investing a lot of your time and efforts and possess specific knowledge in relevant fields, it is in your best interest to be assisted by a competent real-estate broker.

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2015-05-29T21:45:00+0000 2019-09-30T10:56:06+0000 http://en.condolegal.com/purchase/factsheets/1875-condo-real-estate-broker It is not compulsory to retain the services of a real-estate broker (real-estate agent). This being said, unless you are capable of handling on your own the purchase or the sale of a condo, and investing a lot of your time and efforts and possess specific knowledge in relevant fields, it is in your best interest to be assisted by a competent real-estate broker.
<![CDATA[Role of the hypothecary broker]]> Since May 1st, 2010, hypothecary brokerage is regulated and governed by the Real-Estate Brokerage Act, to ensure the protection of the public. Any hypothecary broker must maintain professional civil liability insurance, and abide by its code of ethics.

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2015-05-27T09:00:00+0000 2019-06-13T17:45:24+0000 http://en.condolegal.com/purchase/factsheets/955-condo-hypothecary-broker Since May 1st, 2010, hypothecary brokerage is regulated and governed by the Real-Estate Brokerage Act, to ensure the protection of the public. Any hypothecary broker must maintain professional civil liability insurance, and abide by its code of ethics.
<![CDATA[Notary]]> Résultats de recherche d'images pour « notaires »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.
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2015-05-27T01:39:00+0000 2019-09-10T14:50:52+0000 http://en.condolegal.com/purchase/factsheets/645-the-role-of-the-notary 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.
<![CDATA[Legal hypothec of construction]]> When you purchase an apartment in a recently built co-ownership, a portion, if not all the private portions of the immovable, can be encumbered by a prior notice of a legal hypothec in favor of persons having taken part in the construction.

As a purchaser, you will be compelled to pay the debts of the developer, if he is in default of paying its construction creditors? If so, how will the amounts claimed be allocated between the co-owners? And what happens if they refuse to pay?

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2015-05-25T01:27:00+0000 2019-09-23T13:36:27+0000 http://en.condolegal.com/purchase/factsheets/532-legal-hypothec-construction When you purchase an apartment in a recently built co-ownership, a portion, if not all the private portions of the immovable, can be encumbered by a prior notice of a legal hypothec in favor of persons having taken part in the construction. As a purchaser, you will be compelled to pay the debts of the developer, if he is in default of paying its construction creditors? If so, how will the amounts claimed be allocated between the co-owners? And what happens if they refuse to pay?
<![CDATA[Guarantee plans]]> 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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2015-05-22T01:41:00+0000 2019-06-21T13:43:17+0000 http://en.condolegal.com/purchase/factsheets/538-Guarantee-plans 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.