- Purchase : Declarations of the seller
Definition : Purchase - Declarations of the seller
A form signed by the seller that describes the condition and history of the fraction to be sold (for example, year of construction, renovations and work performed, etc.) and declares to the buyer the factors that may reduce the value of the property or affect its consent. This applies, in particular, to latent or apparent defects, such as water infiltration or insulation problems, defects in the ground, a violent death such as suicide or murder, cannabis planting, etc. The seller’s declaration is completed by an acknowledgement receipt to be signed by the buyer.
This form is optional when the co-owner sells his property by himself and mandatory if he uses the services of a real estate broker. In this regard, the Québec real estate brokerage self-regulating organisation (OACIQ) has developed a mandatory form entitled Declarations by the seller of the immovable Divided Co-ownership. It must be used to complete the mandatory form of the exclusive brokerage contract.
A recent judgment of the Court of Québec, Small Claims Division, sanctioned a company and one of its directors, who also acted as real estate broker, for not allowing buyers to adequately understand an important aspect of the property sold.
The building, built in 1938, had undergone major renovations for a four-unit co-ownership conversion. According to the company's administrator, the flat roof of the building still had a useful lifetime of nearly 7 years. However, no studies were carried out on its condition and the characteristics of the building prevented buyers from verifying it. In addition, the vendors had no documentation regarding the last roof repairs.
L'inspection préachat est un incontournable avant d'acheter un condo. Si on ne peut faire inspecter tout l'immeuble, ce qui coûterait trop cher, il est néanmoins possible d'avoir un aperçu du type de gouvernance qui y prévaut, que ce soit en matière d'entretien et de conservation du patrimoine bâti.
7 octobre 2019 — L’Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) a dévoilé, aujourd’hui, sa toute nouvelle mouture du Guide de l’acheteur. Accessible en ligne, elle vise à mieux outiller les consommateurs désireux d’acquérir une propriété par l’entremise d’un courtier immobilier.
Seeking the services of a real-estate broker, who was formerly referred to as a real estate agent, is not mandatory.
However, unless you are able to assume the purchase and / or sale of a fraction of a building held in divided co-ownership by yourself, which will require ample time as well as in-depth knowledge in various fields, you would benefit from being accompanied by a competent real estate broker during your procedures. When you use the services of a real estate broker to buy, sell or lease a property, you are protected by the Real-Estate Brokerage Act.
To allow you to know exactly what you are purchasing, your vendor must act in good faith at all times. In this regard, Article 1375 of the Civil Code of Quebec imposes a true moral code to the parties. It provides that: “The parties shall conduct themselves in good faith both at the time the obligation arises and at the time it is performed or extinguished.”