Definition : Purchase

L'article 1068.1 du Code civil du Québec, issu du Projet de loi 16, obligera une plus grande transparence lors d'une transaction en copropriété. Le document d'attestation prévu dans cet article posera des questions pointues sur "l'état de la copropriété", afin que les acheteurs sortent du brouillard avant d'acquérir un appartement détenu en copropriété divise.

Question:  At the time of the purchase of my condo, do I have a right to ask the seller for a certified true copy (authentic copy) of the Declaration of Co-Ownership?

Buying real estate is for most people the most important investment of their lives. Such a decision must necessarily be well planned and thoughtful. But when this purchase concerns a dwelling in divided co-ownership, the operation is even more delicate and requires additional prior checks. Despite all this type of housing is attractive, because it allows easier access to the property, due to a lower cost to buy, if we compare it to that of a single-family home. Young households and tenants benefit. As proof, more and more of them are opting for the"condo"formula, which allows them to finally be owners much faster.

You have taken the decision to purchase an apartment in a co-ownership.  It is often an excellent investment and an easy way to have access to home ownership.  In many instances, it will be the investment of a lifetime. This purchase will involve you, from day one, in the community of co-owners for years to come.  Be aware: this decision should not be taken lightly to ensure that your purchase will not become a nightmare.  

The declaration of co-ownership is intertwined with the purchase of an apartment held in divided co-ownership. A genuine "user's guide", this document defines the rules to be observed in the immovable, as well as its administrative and management guidelines. Before acquiring a condo, any careful buyer should, imperatively, read the declaration of co-ownership. He will thus be able to verify the extent of his obligations and duties and the limits to his ownership rights. He will be able to evaluate its terms and conditions and make a decision on buying or not.

An apartment held in divided co-ownership caught your attention. You seriously consider buying it, but before making a commitment, you would like more information about the neighborhood. To obtain additional information to that supplied by the co-owner seller, it will often be necessary to conduct your own survey. This is important on account of the possibility of abnormal neighborhood annoyances caused by noise, odors and smoke, the main cause of co-owners’ conflicts.  

Buying a condo isn’t only a matter of the inspection of the targeted immovable property. The atmosphere of the neighborhood is equally important because it can vary from place to place. Beyond the rules of conduct in force in the coveted co-ownership, knowing the dynamics of the neighborhood should always be a priority. The purchase of a condo is a long-time commitment for many purchasers. In fact, he will have to live in it at least a few years so that his investment is profitable. It is therefore in his best interest to choose a location that will meet his expectations to avoid a premature move. If in doubt, renting a similar apartment in the vicinity for at least a year can be a wise move, allowing sufficient time to evaluate the prevailing atmosphere.