Archives pour l'étiquette deposit

iStock

Finding the right notary

The notary plays a critical role in the home-buying process. In fact, not everyone has a notary within reach. There are two ways to find one: by word of mouth or with a few clicks of the mouse.

You will especially feel the need to find a trustworthy notary when comes the time to draft the promise to purchase or complete the transfer of ownership. Yet, a notary can accomplish much more. He* can make your life easier.

If someone gives you the name of a notary, make sure his name appears on the Chambre des notaires du Québec (CNQ) roll. All you have to do is write the first and last name of the notary. If you are looking for a random notary offering his services in your neighbourhood, consult the CNQ referral service. Continuer la lecture

Happy young couple getting keys of their new house. Close up of female hand receiving keys from house broker. Closeup of the hand of a real estate agent who give the house keys to a woman while her boyfriend signing a contract.

Understanding the Promise to Purchase

You’re planning on buying your very first home in the near future. You have heard of a promise to purchase (formerly known as an offer to purchase) and you are wondering what its purpose is. Here are the main details.

The promise to purchase is the result of a series of exchanges and promises between the future home buyer and the current homeowner. All the details are written down in this document. The promise to purchase is an agreement, which defines the ground rules between the two parties. If conditions are set forth, the deadlines should be clearly stated and the parties undertake to fulfill them.

The promise to purchase is an important document because, as the title states, you commit to buy the property, but under certain conditions set forth on either side. These conditions are laid down in writing in this document.

The promise to purchase is the step that comes right before the deed of sale, which is the famous contract that officially declares you the owner of the coveted house. Just about every detail written down in the promise to purchase will be found in the deed of sale. The content is very similar. Continuer la lecture