Action of distributing between the buyer and the seller the sums that the seller paid before the sale transaction, in relation to municipal and school taxes, common expenses (condo fees), etc., and whose payment benefits the buyer according to the date agreed between the parties for the transfer of the fraction. The same shall apply to sums which have not yet been invoiced to the vendor but for which he is responsible for payment. For example, if the sale of the apartment was concluded during the year, but the municipal taxes have not been paid, the vendor must remit to the purchaser the portion corresponding to the period of the year during which he owned the apartment.
Question: We have accumulated significant sums for the repair of the roof, which is to take place in ten years. As part of the sale of my apartment, can I ask the buyer or the syndicate for a refund of the contributions I have paid to the contingency fund?
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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.
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.
The notary is a jurist with the task of public officer, who ascertains the free and informed consent of the parties. The notary also has the role of legal adviser. It therefore protects consent. The intervention of the notary is very important when purchasing an apartment in a divided co-ownership. A professional, he is a member of the “Chambre des notaires du Québec” (Québec Chamber of Notaries). In this capacity, the notary's mission is to receive, on behalf of his clients, the acts to which the parties must or want to have given the character of 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.