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Sale of a Property

PME INTER Notaires > Sale of a Property

Whether you are buying your first or tenth house, our team of real estate notaries is your best ally for a smooth transaction, from the promise to purchase to obtaining the keys to your new property.

Consult our document on the steps of a sale transaction of a house, and you will find many answers to your questions.

Promise to Purchase

The promise to purchase is the usual document signed by each party prior to the deed of sale. It constitutes a preliminary contract and imposes certain obligations on the parties. Once this document is signed, it becomes difficult to change the terms and conditions or to be relieved from such obligations.

 

Once the promise to purchase is accepted, we invite you to contact a notary of our study to complete the transaction with peace of mind.

How to Prepare for the Sale of a Property (House, Condo or Cottage)

Selling a home is an important step in life and can be stressful. Our team specializing in real estate law is here to help you throughout the transaction. Here are some things to consider if you decide to sell your property:

 

  • Location certificate: if it is not up-to-date or if you cannot find it, contact your land surveyor now to avoid last-minute surprises (ex: buildings that do not comply with municipal regulations, building encroachment, servitude, etc.). It is usually the responsibility of the seller to provide the buyer with an up-to-date location certificate that describes the current state of the premises.
  • Costs related to the sale: selling a property unquestionably entails costs for the seller, even if the buyer is the one paying the notary fees related to the purchase of the house (deed of sale). The seller must pay the penalties and bank adjustments when repaying his mortgage, the discharge of his mortgage, the updating of the location certificate, the compensation of the real estate broker, the property taxes and school fees due, etc. The more accurate the budget, the better your estimate of the net profit from the sale.
  • Delivery of the Building: the property must be empty of any movable not included in the promise to purchase. Plan your exit adequately: is the garden furniture caught in the snow? Is there a car in the entrance that does not start anymore? Does your old freezer no longer go down the stairs to the basement? It’s your responsibility to fix everything before you leave!
  • Condo: prepare in advance the relevant documents:the declaration of co-ownership, which indicates the current rights and prohibitions of the building
    • the financial statements of the co-ownership
    • the condominium fees (special and ordinary contributions)
    • the condominium rules
    • the minutes of the annual and special meetings.
  • Cottage: Are you selling a property in the countryside with a right of way (description of the road and sharing of maintenance costs, access to water, boat descent, use of the beach, etc.)? Give a copy to your buyer and ask him to mention that he is satisfied with it in the promise to purchase. Also check that your septic system is adequate and that tap water is drinkable.
  • Secondary Residence: If you sell your secondary residence (or any building that is not your principal residence), you may have to pay tax on the capital gain and it is your responsibility to report it.

Do you have questions concerning the sale of your property? Contact us today.