2. Buyer

Buyer

INFORMATION FOR THE PURCHASER OR ITS MANDATARY IN CONNECTION WITH THE ACQUISITION OF A BUILDING

INFORMATION FOR THE PURCHASER OR ITS MANDATARY IN CONNECTION WITH THE ACQUISITION OF A BUILDING

For the buyer, why does the acquisition of a building require two (2) meetings with the notary?

  • The first meeting is to implement the financing of the purchase and to receive the down payment and any other relevant monetary amount needed, namely, the amounts possibly due to the seller for the distributions agreed by the parties and the notary's fees.
  • At the same time, the notary can answer all your questions about the transaction and guide you on various aspects.
  • The second meeting is to read the deed of sale to the parties as well as to collect all signatures.
  • Down payment: This must be paid by bank draft or electronic transfer made by you or your financial institution directly to the trust account of the notary.
  • Distribution: The tender offer generally stipulates that the notary must make all the distributions relating in particular to the property and special taxes, to the fuel reserves as well as to the income and expenses related to the building.

Does the notary have to verify the certificate of location of the building covered by the transaction?

  • At the first meeting, the notary discusses with you the certificate of location and, if applicable, communicates any irregularities mentioned by the land surveyor. In such a case, the seller must correct the situation or take out, at his own expense, an insurance covering the irregularity complained of for the entire time the buyer is the owner of the immovable described.
  • In the event that the certificate of location is not available on the day of the transaction, the seller must make formal commitments and guarantee them to the notary in order to regularize this situation.

Can the notary deduct money from the transaction?

  • Yes, the notary may make a deduction already provided for in the offer to purchase or agreed otherwise by all parties involved in the transaction. This may include work to be completed on the building or another commitment related to the transaction.

Does the notary have to verify a condominium syndicate during a transaction of a co-ownership?

  • Yes, the notary must verify the regularity of the co-ownership syndicate with the REQ and send a questionnaire to the syndicate manager himself, in particular to ensure certain financial aspects and insurance coverage of the building.

IMPORTANT NOTICE TO PARENTS OF YOUNG CHILDREN:

The purchase of a property is a moment of importance. It is therefore strongly suggested that you attend your appointments without your young children, so that you can have all your attention and concentration to assimilate the information given and discuss topics related to your real estate transaction.