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.[……]
As for any single home, you will have to write a promise to purchase to acquire the condo you wish to buy. Although the content of both forms is similar, the promise to purchase for condominiums includes some particularities. It is in your best interest to know them well.
In the case of a divided co-ownership property, the promise to purchase includes:
- the cadastral description of your private portion;
- if the parking lot and storage space are also private portions;
- the cadastral designations of the parking lot and storage space;
- the share and cadastral description of the common portions; and,
- whether the parking lot and storage space are private portions, common portions for restricted use or other; and,
- the area of the condo’s private portion described in the certificate of location.
Purchasing real estate is one of the biggest investments one can make in their lifetime, which is why it is so important to fully understand the associated legal implications. Can an offer to purchase be cancelled? What is a latent defect? A defect of consent? Interview with Martin Janson, real estate lawyer at Janson, Larente, Roy in Montréal.
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1. Is there a difference between an offer to purchase and a promise to purchase?
The term “offer to purchase” is often used, but the correct term is actually “promise to purchase”. In this document, the buyer proposes an amount to the seller to acquire the property and sets a deadline for a response. Once the promise is signed, there is to a certain extent a contract. One party is obligated to purchase, while the other is obligated to sell. However, the buyer can stipulate conditions to the promise to purchase. The most common are obtaining the necessary financing, the sale of their current property, and a satisfactory inspection report.[……]
You’ve saved money. You’ve done your research and you’re just about ready to visit properties in the hopes of buying your very first home this year. You’d better make sure that these visits are effective. Here are a few tips.
- We assume that you’ve defined your needs and priorities before visiting your first homes. Don’t make the mistake of defining them as you go along. If so, you’ll waste precious time.
- Don’t wait to visit the property before getting the basic information, such as the age of the house, the electricity costs, the taxes, etc. Browse the websites of cities and power companies. They can usually give you this information. The real estate broker’s listings also hold a lot of information. If the house is not listed, a phone call or an email to the homeowner should suffice. If you’re afraid to sound too pushy, tell yourself that the homeowner is probably glad to proceed in that way. He or she will also be saving time.
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.[……]