// Real estate
Buying, selling, financing or refinancing your house, your condo or your income property? I specialize in real estate (residential as well as commercial). First time buyers welcome!
What do YOU need to know when if you’re getting ready to buy a house/condo? Below, you’ll find a summary of all the information and helpful tips that an informed buyer should know!
- Usually, the Notary is chosen by the buyer. Nonetheless, the Notary has an enthical obligation to act impartially and to work equally for both the buyer and the seller. The Notary is your best friend in a real estate transaction because you will always receive the facts and the truth and nothing else!
- The Notary needs different documents for your file to be complete and to be able to begin working. These documents can be classified in two categories:
- the property documents (provided directly by the seller OR by the seller’s realtor)
- Your mortgage file ( aka mortgage instructions)
- The Notary also needs documents/information from the buyer (see below: documents to prepare when you buy a house/condo)
- Ideally, your Notary must receive these documents 2 to 3 weeks before the closing. So, it’ in your best interest to choose your Notary as soon as possible in order to make sure you get to sign (and move) on time!
- You’ll need two appointments with your Notary:
- First appointment: During this first meeting, you will sign your mortgage (“hypothec”) and bring the downpayment. The amount of the downpayment will be confirmed to you a few days before the first appointment, giving you time to make the necessary arrangements with your bank. The downpayment must be paid with a bank draft (it can easily be obtained at your bank – no appointment necessary, the bank draft takes only a few minutes with any teller).
- Moreover, during this appointment, I will explain in details all the different aspects of your mortgage. I know all the clauses and details that you may not be aware off and that the bank may not have explained to you. I will make sure you understand your rights and your obligations contained in the “deed of hypothec” (aka mortgage contract). I guaranty that you will learn something new, even if it’s not your first mortgage!
- The first appointment is also an opportunity to sum up all the necessary information concerning the transaction and to answer all your general questions without the seller being present. This meeting is only for you! It gives you the chance to ask me anything and to share with me all your insecurities concerning the sale process, which I know can feel overwhelming sometimes!
Average length of the first appointment: 60 minutes
- Second appointment:
- The day of sale! – the day you become the owner! This appointment will take place approximately three to five business days after the first appointment.
- During this second appointment, the seller(s) (and their realtor, if applicable) will be present. I will read the “deed of sale” and I will explain all the different clauses.
- You all have the time to ask me questions!
- During this appointment, you will receive a copy of the “statement of adjustments”. In this document, you will find the amount of the municipal tax, school tax and other fees related to the property (for example, condominium fees) which have been paid in advance by the seller and that you are reimbursing. This is what we ordinarily call “adjustments”.
Average duration of the second APPOINTMENT: 45 minutes
Documents to prepare when you buy a house/condo:
- Proof of insurance: you need to provide the proof of insurance if you’re buying a house. In the case of a condo, the Notary will contact the coproperty manager for the proof of insurance and get it for you. However if you’re buying a condo, it’s important for you to get your own personal insurance to cover your own civil liability as well as the content inside the condo.
- Proof of marital status: you have to prove your marital status in the following ways:
- Married: provide your certificate or your contract of marriage
- Divorced: provide the certificate of divorce
- Widow : provide the certificate of death of your late spouse
- Single (someone who has never been married or civilly united): nothing to provide!
- The seller and your bank will provide the additional necessary documents and information.
TIP: because the choice of the Notary belongs to the buyer, nothing prevents you from looking for a Notary at the very beginning, when you start shoping for a new house/condo. This will allow you to make sure that the Notary of your choice is available. The Notary is your best friend when comes the time to buy a house/condo. He/she is the only expert in the field of real estate law and can advise you throughout the entire process. Recommendations and advice given by the Notary can be useful when you’re in the middle of negotiation or about to sign the offer. Moreover, by choosing your Notary in advance, he/she will guaranty that you will sign at the most convenient date/time for you. The Notary usually needs between 2/3 weeks to prepare your file so a good rule of thumb is choosing your Notary about 4 weeks before the desired signing date!