Definition : Right of repossession of a dwelling

Afflicted with a health issue, you want to move to an apartment closer to your daughter, which is fitting, given that a unit in her condo building is for sale. However, this unit is rented. During a visit to the premises, the tenant informs you that he has no intention of leaving, claiming a right to stay there for life. At least, for as long as he wants to. On the other hand, the seller tells you that the tenant will have to leave the unit upon receiving a notice of repossession. Intrigued by the tenant's statement, you take time to interview several people to verify this "lease for a lifetime" matter. The answers provided reassure you: if it is sent six months before the planned repossession date, the notice of repossession should allow you to take back the apartment.

If you are shopping for an apartment, ask yourself if it is located in a divided or undivided co-ownership. Although these two concepts are similar, as they ultimately aim to share the same building by several people called co-owners, the legal and financial implications are not the same. These two types of co-ownership thus have very different terms of ownership, ownership and liability between the co-owners of a building. A look at the main distinctions between divided co-ownership and undivided co-ownership.  

Undivided co-ownership (by indivision) has existed since time immemorial, even before the existence of divided co-ownership. Indivision allows two or more people to own a building while sharing acquisition and operating costs. A co-ownership is said to be undivided when the right of ownership is not accompanied by a material division of the property. The building usually has a single lot number. The owners own a share of this lot. The municipal and school tax bills are thus intended for all the co-owners of the building, who must separate the costs. In addition, since 1994, the Civil Code of Quebec has contained several rules governing joint ownership.

The purchase of a condo leased to a third party is a frequent occurrence in the resale market. Save for an agreement to the contrary, nothing prohibits a co-owner lessor from selling and a purchaser of purchasing an apartment even though the tenant wishes to continue to reside in it. The lease is attached to the immovable, not to the co-owner/ lessor. The lease will continue to be in force even if the unit is sold and the terms and conditions of the lease shall remain the same. Be careful, however, there are some pitfalls and if you are not careful your investment could quickly prove unsuccessful. This is the reason why you need to follow a few steps before, especially if you are a real estate owner for the first time.