Definition : Real estate agency

I want to know how the condo fees (common expenses) appearing in the ads of real estate agencies are established. These are not constant and put a doubt in the minds of those who want to buy in condominiums. Question: Is there a uniform directive in real estate agencies in this area? What advice should a real estate broker give to his client when he assists him in completing the form of the declaration of seller ? Some vendors report all costs, others report only current expenses (e.g., maintenance, operation and administration expenses of common portions). These two ways of doing things can vary the amount of condo fees by 300%, which can represent significant amounts for a buyer.

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.  

An offer to purchase, also known as a promise to purchase, precedes any transaction relating to an existing property, as opposed to new or to be build condos, which are accompanied by a preliminary contract. The initiative of an offer to purchase is taken by a potential buyer, who will establish the conditions for the acquisition of a property. Although this document is not mandatory, legally speaking, it represents a mandatory passage for most buyers. Generally recorded in writing, the offer to purchase shows the willingness of the future purchaser to engage in the transaction. It is also a first step that leads to the deed of sale. 

At the time of concluding the offer to purchase, it is customary for the promising buyer to pay a deposit or security deposit of a variable amount. The amount thus paid will be deducted from the amount to be paid if the sale is concluded and will be remitted to the seller. Although a buyer is not legally required to pay a deposit, this practice offers the seller an additional guarantee as to his true intention to buy and his apparent solvency. All in all, this financial effort provided by the buyer is intended to dissuade him from abandoning his project in an irregular manner.