In undivided co-ownership, the rights of withdrawal and of first refusal may disrupt the course of a real estate transaction. It is important to know that other co-owners may take precedence over a potential purchaser. The title of the latter could be precarious for some time: a buyer who acquires rights in an undivided co-ownership without first receiving the approval of all the undivided co-owners is therefore liable to have his share redeemed and thus be excluded from the indivision.
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
At the signing of the deed of sale before the notary, an authentic copy of the declaration of co-ownership must be remitted to you.In order to maintain the stability of this contractual framework, every purchaser undertakes, by signing his deed of purchase, to abide to the declaration of co-ownership and the by-laws of the immovable adopted and filed in the register of the co-ownership.
The purchaser is thus bound by the declaration of co-ownership, even though he has not signed it, as well as by its amendments (article 1062 of the Civil Code of Quebec). In this regard, a clause providing that the new co-owner will comply with the rules of the declaration of co-ownership is generally included in the deed of sale.