Definition : Immovable hypothec (conventional) - Hypothecary creditor

Natural or legal person holding a hypothec on a fraction of co-ownership. In relation to the syndicate of co-owners, a hypothecary creditor is an interested party when the decision is taken to terminate the co-ownership. Indeed, this decision of the general meeting of co-owners must be supported by the written consent of all persons holding hypothecs on all or a portion of the immovable.

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The failure to pay general or special common expenses (condo fees) is one of the most contentious co-ownership’s issues. It is the duty of the board of directors of the syndicate of co-owners to collect them, unless this task has been delegated to the condo manager. When a co-owner's contributions have been in arrears for more than three months, the law provides, ex officio, that he automatically loses his right to vote at the general meetings of the co-owners. He is also exposed to legal recourses, so that the syndicate can recover the amounts owing. A review of the options in such cases.  
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Any co-owner may have the relative value of their fraction, as well as the allocation of common expenses, revised according to certain conditions and formalities. To do so, it is necessary to proceed with an appeal to revise the relative value of the fractions. Furthermore, a co-owner may wish to modify the relative value of their fraction. Therefore, they will have to request the prior consent of the Board of directors or the general meeting of co-owners, depending on what is required. This revision or modification of the relative value has an impact on the proportionate share of the right of ownership (which the co-owners hold in the common portions), the number of votes they can cast at the meeting of co-owners and the allocation of common expenses. On this question, Article 1064 of the Civil Code of Québec stipulates that: “Each co-owner contributes to the common expenses in proportion to the relative value of his fraction.”
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The divided co-ownership of a building is not necessarily intended to last for eternity. The end of the co-ownership, and therefore the dissolution and liquidation of the syndicate, is justifiable, for various reasons. The dissolution of a co-ownership leads to a liquidation process. This process is regulated by articles 1108 and 1109 of the Civil Code of Québec, which refer to the rules applicable to legal persons concerning their liquidation.The question of putting an end to your co-ownership may one day arise. There are therefore various questions to be asked about this approach. What are the reasons for terminating a co-ownership? What are the modalities and consequences of a dissolution? Answers in this fact sheet!
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It is possible to make a decision without having a meeting. Article 354 of the Civil Code of Québec recognizes the value of a written resolution: "Resolutions in writing signed by all the persons qualified to vote at a meeting are as valid as if passed at a meeting of the board of directors, at a general meeting or at a meeting of any other organ”. Co-owners and directors may make a decision by the means of a resolution in writing, without any general meeting of the board of directors or meeting of co-owners being held as such. This mechanism is provided by law, when it is not essential for a meeting or a general meeting to be convened, since the salient points of the subject to be discussed have already been dealt with, to everyone’s satisfaction. This is to avoid cumbersome formalism, although written resolutions should be used with caution and parsimony.
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The declaration of co-ownership includes the set of rules ensuring the efficient organization of a co-ownership. Its knowledge by the members of the board of directors and by each co-owner is essential to the proper operation of the co-ownership. This co-owners reference document is consulted, for example, in the case of work. For a promisor-buyer, the declaration of co-ownership contains a wealth of useful information regarding the conditions of use and enjoyment of the private and common portions. Hence the necessity of reading this document before buying, to avoid unpleasant surprises, especially as to the use one intends to make of his private portion.
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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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The deed of sale must show the intent of both the seller and the purchaser. It confirms the agreements between the parties, in particular those of a financial nature. These agreements are generally written in details in the offer to purchase. Keep in mind that it is not compulsory to reproduce in the deed of sale, all the terms and conditions of the offer to purchase. This is the reason why the deed of sale generally contains a usual clause that mentions that, unless there is a conflict, the parties confirm "the agreements agreed in the promise to purchase, but not reproduced herein".
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The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its main object is to ensure the preservation and the longevity of the building and to manage and administer it diligently following rules of the trade. This is why the legislator has given to the syndicate an insurable interest and has made it compulsory that it subscribe building insurance.  
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