Definition : Cheque - Certified cheque

Cheque on which a financial institution guarantees its beneficiary that the signatory has in his account the amount entered on it. The debtor of a sum of money is released by remitting to the creditor of a cheque made payable to the creditor and certified by a financial institution carrying on business in Québec.

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The co-ownership gives rise to expenses relating to the maintenance of the common portions and the day-to-day administration of the syndicate. Administrative, maintenance, replacement, improvement or alteration expenses of the common portions are divided among the co-owners. General common expenses are to be distinguished from particular common expenses, which are allocated under different rules. In the first case, it is the relative value of each fraction that is used to establish the co-owners contribution. As for particular common expenses arising from common portions for restricted use, the co-owners using them are alone responsible of the expenses resulting therefrom.
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At the time of concluding the offer to purchase, it is customary for the promising buyer to pay a deposit or security deposit of a variable amount. The amount thus paid will be deducted from the amount to be paid if the sale is concluded and will be remitted to the seller. Although a buyer is not legally required to pay a deposit, this practice offers the seller an additional guarantee as to his true intention to buy and his apparent solvency. All in all, this financial effort provided by the buyer is intended to dissuade him from abandoning his project in an irregular manner.      
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