Real Estate Law
Would you care for a real estate transaction without headaches and in complete security?
You want to buy or sell a home in Montreal, Laval, Longueuil? You can pay your debts through a refinancing, deregister a warranty that strikes your property or regularize a neighborhood or between co-owners of the problem.
In most cases, it is the buyer who chooses the notary. If the buyers take out a mortgage to pay for their home or if they pay for it in full with their savings, the choice of the notary is theirs to make. An agreement can also be made between the parties. For example, the sellers might request his notary. If the buyers sign the promise to purchase this way, this means they accept the choice of a notary proposed by the sellers. But, very important: the notary is required by law to be impartial with each party to the transaction.
The notary will analyze for you a lot of documents in this case:
- Purchase offer;
- The certificate of localization;
- The previous title deeds going back at least 30 years (title examination);
- The declaration of co-ownership (if condos);
- The statement of school taxes and municipal taxes;
- And more…
Your notary can also guide you through the conversion of an immovable to divided co-ownership as long as the apartments are all occupied by undivided joint owners. He will take care of all required procedures and all legal documents including the declaration of co-ownership. Since the conversion process is complex, consult your notary.
Deed of mortgage / deed of hypothec
We all dream of having our own home, but sometimes the financial situation does not allow us to fulfill this dream. At other times, there are certain unforeseen situations or the desire for change that push us to make decisions that inevitably have a financial component. Then, comes the idea of a mortgage loan.
But what exactly is a mortgage?
A mortgage is a relationship between the owner of a property and another party (usually a bank) acting as a creditor, that is, a lender. The debtor receives a certain amount of money and undertakes to reimburse it, guaranteeing the fulfillment of his obligation with his property. The property will therefore become hypothecated.
Any immovable hypothec is created in a notary deed in a minute. The notary draws up this document which includes the description of the hypothecated property, the rights and obligations of the parties involved and the amount of the mortgage.
In case the debtor does not comply with various conditions established regarding the property (for example, maintaining your insured property and so on) or doesn’t repay the regular payment and the balance at the end of his contract, the creditor may exercise all the hypothecary remedies provided for in the Civil Code of Quebec.
Mtre Leopold Lincà, notary in Montreal, will be pleased to explain the steps involved in obtaining a mortgage credit and to protect you in case of unexpected events.
Deed of sale
Once the promise of purchase is accepted, the notary makes sure that the conditions specified in the promise to purchase are respected. He prepares all documents for the transfer of the property and makes sure that all the papers are legally in order. He collects the necessary amounts from the financing or down payment made by the buyer and deposits this money in his trust account. Your notary makes sure that any identified problem is settled before the signature and protect your interests. In the end, the deed of sale signed in his presence binds the parties and assures them that the real estate transaction has taken place as it should.
Note that you can benefit from quality notary services at reasonable prices.
The disbursements are the transaction fees which are not part of the professional fees of the notary, they are expenses that are required to be paid by the buyer. The notary pays to the third parties, principally to the land registry for the research and registration of the acts.
Generally, the fee for a buyer is different between 1 000 $ and 1 700 $ to which includes the notary fees and the disbursements, depending on the experience of the notary, the complexity of the case and the involvement of the parties.
Generally, the fee for sellers who need to release a discharge is different between 800 $ and 1100 $ to which includes the notary fees and the disbursements, depending on the experience of the notary, the complexity of the case, and involvement of the parties.
Don’t forget that a lot of other fees can also be charged in a real estate transaction: the fees of an appraiser, the fees of the mortgage broker, the fees of the real estate broker, the fees of the building inspector, the fees of the land surveyor, etc.
Maître Leopold Lincà, notary in Montreal, brings his expertise at your disposal by studying your particular case, advising you and presenting you favourable solutions.Contact us now!
- Sales / loan contracts;
- Residential real estate;
- Real estate mortgage;
- Financing & Mortgage renewal;
- Home Ownership Program Montreal
- Montreal subvention;
- Declaration of co-ownership;
- Acquittance and release;
- Gift or exchange… and more.