How to plan a co-ownership property transaction? | ScriptaLegal
Personal Law Business Law Packages & Subscriptions
Français About us Create a free account Log in
Interactive legal guides Legal frequently asked questions Legal blog Videos
ONLINE LEGAL DOCUMENTS
Frequently asked questions > Co-ownership/Condominium > Purchase of co-ownership > Planning of a transaction of an immovable property held in co-ownership

Planning of a transaction of an immovable property held in co-ownership

Are you considering buying a condo unit? Are you thinking about acquiring a real property in indivision? You are not sure if your declaration of co-ownership drafted before 1994 meets the current standards of the Civil Code of Quebec? You want to know what could happen in case of a total or partial destruction of your condominium?

Save... Make your real estate offer to purchase online

For all these cases, you can use the services of your notary. The preparation or review of a declaration of co-ownership, the purchase of a unit in a condominium and the preparation of an indivision agreement present particularities which require the assistance of a specialist of the co-ownership, divided or undivided, your notary.

Your notary can draft your declaration of co-ownership, whether it is a co-ownership counting two units or several dozens, and this as much for a residential, commercial condominium than for an industrial condominium. He will inform you about your rights and obligations as co-owner and, within the framework of the purchase of a unit, he will be able to gather for you the information on the by-laws of the immovable which are in force, the situation regarding the contingency fund, etc.

You are considering purchasing a fraction of an undivided co-ownership, your notary can prepare the indivision agreement which will attribute to you an exclusive dwelling unit, will govern your relationships with your co-owners and will provide for the conditions of an eventual partition.

If you are co-owner of a unit in a condominium constituted before 1994, your notary can update your declaration of co-ownership taking into account the provisions of the Civil Code of Quebec and any applicable government regulation.

Your notary can proceed to the update of your register of co-ownership (new owners, new by-laws, creditors, rental units, etc.). To protect the rights of the syndicate of co-owners, your notary can also prepare and publish in the land register the legal hypothecs against the co-owners in default of paying their common expenses.

This browser does not support this kind of file. Please download the file to view it: Download the file