- Private portion : Deed of sale
Definition : Private portion - Deed of sale
Contract by which a natural or legal person (seller) transfers the ownership of a private portion and the share (%) of the common portions attached thereto to another natural or legal person (purchaser) in return for financial compensation. This type of transaction is usually prepared and received before a notary and is subject to the rules of publicity of rights in the Québec Land Register.
Most often than not declarations of co-ownership (Constituting Act of co-ownership) designate the legal status of exterior parking spaces as common portions for restricted use. This is also true for indoor parkings, when the developer (declarant) decides that it is not necessary to create a specific lot number for each space. These are therefore an integral part of the lot constituting the common portions of the immovable.
Parking spaces qualified as private portions are commonplace in divided co-ownership. This special legal status is attributed to them by the declaration of co-ownership, which designates them as fractions in the section devoted to the description of the fractions. Like an apartment held in co-ownership, all these spaces have a unique lot number, along with a relative value, and a share. Their owners may, at a general meeting of co-owners, prevail themselves of the votes attached thereto. These votes are added, as the case may be, to those they have for their apartment
In divided co-ownership, the right of ownership is divided, among the co-owners, by "fractions", each comprising a materially divided private portion (e.g. an apartment, a parking or storage space, and sometimes even a plot of land) and a share of the common portions. To each fraction is attached an undivided right of ownership in the common portions, and sometimes the right to use the common portions for restricted use.
The fraction is the result of the division of a building to create a condominium. In other words, the addition of all the fractions constitutes, by the effect of the publication of a declaration of co-ownership, the condominium building.
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.
Section 1719 of the Civil code of Québec states that the seller must provide the buyer with a copy of the deed of purchase, as well as with a copy of the owner history and of the certificate of location he has on hand. Prepared by a land surveyor, the certificate of location is part of the property titles the seller must supply.
In the interest of the buyer, the certificate of location should clearly describe the current condition of all private portions (for instance, an apartment, a parking or storage space, or even land). Should the seller not have a certificate of location on hand (and unless the promise to purchase states otherwise), they will need to have one prepared, at their own expense.
An offer to purchase is prepared before the purchase of an already built property contrary to new or to be built condos, in which cases, you will be shown a preliminary contract. Even though it is not compulsory under the Law, the offer to purchase is a necessary step on the path leading to a transaction for the majority of buyers. Generally in writing, it is the first step which leads to a deed of purchase. Prepared generally on a standard form by the real-estate broker, the offer to purchase is in reality a preliminary contract.
Once the apartment of your dreams in your price range found, the next step is to make an offer to purchase, either verbally or in writing. Although the verbal option is legally valid, it is better to formalize it in writing. L’Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) (the Quebec Organization for the Self-Regulation of Real Estate Brokerage) imposes a rule of ethics, namely that all acting real estate brokers must record in writing the intention of the parties to enter into real estate transaction.
I just bought an apartment in a co-ownership.
Question: Should the syndicate be provided with a copy of the deed of sale in order to file it in the registers of the co-ownership? Can it require the new co-owner to provide the said deed of sale? And if so, who must pay for it?
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Question: Est-ce que je suis obligé d'utiliser les services du notaire désigné par le promoteur alors que c’est moi qui le paie? Quelles sont les règles qui s'appliquent en la matière : qui choisit le notaire instrumentant la vente? Est-ce le vendeur? Est-ce l'acheteur? Doit-on s'entendre tous les deux sur un nom?
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