Information immobilière - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/category/information-immobiliere-en/ Plateau Mont-Royal, Outremont, Rosemont La-Petite-Patrie, Mile-End, Ville Marie Mon, 12 Aug 2024 20:37:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.5 https://yanicksarrazin.com/wp-content/uploads/2020/11/77174542_2673133149440852_8670214071997431808_n-60x60.png Information immobilière - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/category/information-immobiliere-en/ 32 32 The Promise to Purchase for an undivided co-ownership https://yanicksarrazin.com/en/immobilier/buyer-information/the-promise-to-purchase-for-an-undivided-co-ownership/ Mon, 18 Mar 2024 14:25:45 +0000 https://yanicksarrazin.com/?p=52879 The Promise to Purchase for an undivided co-ownership The Promise to Purchase an undivided property in Quebec differs significantly from that of a divided condominium. The unique nature of undivided property requires special attention when drafting the purchase agreement. Understanding the essential aspects of this transaction is crucial for both buyers and sellers involved in […]

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The Promise to Purchase for an undivided co-ownership

The Promise to Purchase an undivided property in Quebec differs significantly from that of a divided condominium. The unique nature of undivided property requires special attention when drafting the purchase agreement. Understanding the essential aspects of this transaction is crucial for both buyers and sellers involved in this type of real estate transaction. Our real estate brokers in Montreal present to you the main differences and implications to consider in this type of transaction.

Identification of the undivided share

Unlike a divided condominium where each unit is distinct, an undivided property implies that buyers hold an undivided share of the entire property. The purchase agreement must clearly specify the undivided share that the buyer is acquiring. This can be expressed as a percentage or fraction, depending on the co-ownership agreement.

Divided and undivided co-ownership, how to differentiate between them?

Description of the undivided property

La promesse d’achat doit contenir une description précise de la propriété indivise, indiquant la part spécifique que l’acheteur a l’intention d’acquérir, ainsi que l’adresse complète de la propriété. Cette description peut inclure des informations sur la superficie totale de la propriété et la localisation de la part indivise dans l’ensemble.

Rules and obligations of co-ownership

The rules and obligations governing co-ownership must be clearly defined in the purchase agreement. These rules are typically outlined in a co-ownership agreement, specifying the rights and responsibilities of each co-owner. The buyer should be informed of these provisions before committing to the transaction.

Access and Use of Common Areas

Undivided properties may have common areas, such as outdoor spaces or shared facilities. The purchase agreement must detail the buyer’s rights of access and use of common areas, taking into account their undivided share.

Specific financing conditions

The financing terms must be adjusted according to the nature of the undivided property. For properties held in undivided co-ownership, it is important to note that the mortgage must be obtained with the same bank for all co-owners. Generally, only BNC and Desjardins banks offer this type of financing for properties held in undivided co-ownership.

Pre-purchase inspection

Just like in the case of a divided condominium, the buyer has the right to conduct a pre-purchase inspection of the undivided property. This helps to identify any potential issues or defects and prevents surprises after the purchase.

Did you know that it is possible to cancel a purchase offer after the inspection?

Seller's Declarations and Obligations

The property is not subject to a preemptive right in favor of a third party, excluding other co-owners. This clause assures the buyer that the seller has not granted a preemptive right to a third party over the property, except for other co-owners.

Amount of Down Payment

The down payment must be specified in the purchase agreement and is typically 20% for an undivided co-ownership. This sum represents the buyer’s initial commitment and clarifies the financial expectations from the outset of the transaction. 

The promise to purchase for an undivided co-ownership requires particular attention to details specific to this type of property. By fully understanding the nuances of this real estate, and incorporating these elements into the purchase agreement, the involved parties can ensure a smooth transaction that complies with applicable laws and regulations. It is highly recommended to consult with a real estate legal professional to ensure that all legal and contractual aspects are properly addressed.

For more details, refer to our article on the Purchase Agreement

Explore other real estate information

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]]> Tranquilli-T: A program offered by RE/MAX real estate brokers https://yanicksarrazin.com/en/immobilier/seller-information/real-estate-information-seller-information/tranquilli-t-a-program-offered-by-re-max-real-estate-brokers/ Thu, 25 Jan 2024 18:42:53 +0000 https://yanicksarrazin.com/?p=53208 Tranquilli-T – Key Points The Tranquilli-T Program by RE/MAX We understand that buying or selling real estate is a significant step in your life. Our real estate brokers at YE/SARRAZIN in Montreal are well aware of this and are pleased to share with you the Tranquilli-T Protection offered by RE/MAX Quebec. This program applies during […]

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Tranquilli-T - Key Points

The Tranquilli-T Program by RE/MAX

We understand that buying or selling real estate is a significant step in your life. Our real estate brokers at YE/SARRAZIN in Montreal are well aware of this and are pleased to share with you the Tranquilli-T Protection offered by RE/MAX Quebec.

This program applies during a residential transaction with a real estate broker who is enrolled in this program, aiming to protect their clients. When represented by a real estate broker from our team for your buying or selling projects, this protection is provided to you free of charge, at our expense.

The protection comes into effect when your broker provides you with the protection certificate once all conditions of your purchase offer have been met (excluding the deed of sale).

Eligibility Criteria

Firstly, to access this program, the client must be an individual or a group of individuals. It is therefore not eligible for a legal entity such as a real estate developer or a company.

The property in question must be:

  • A primary single-family residence or a building with 5 units or fewer, where the seller or buyer occupies one of the units;
  • A secondary residence or a year-round accessible and habitable cottage that is not rented;
  • The property sold or purchased does not exceed a value of 3 million dollars;
  • A permanently fixed mobile home;
  • A residence located on a plot of no more than 40 acres.

The following properties are excluded :

  • A new construction;
  • An income property (investment or 6 units and more);
  • A property under the name of an estate (unless the spouse or child resides in it)
  • A vacant property;
  • A foreclosure (for investment).

The Four Aspects of Tranquilli-T

This program covers 4 aspects determined by RE/MAX Quebec, which it is important for us to inform you about

1. Timelines and Withdrawal
2. Death
3. Legal Assistance
4. Small Claims

Timelines and Withdrawal

Whether you are the buyer or the seller of a property, certain unforeseen events can occur, such as:

  • A withdrawal of financing
  • Job loss
  • A separation
  • A fire
  • An issue with the location certificate

Unfortunately, these various events can impact the signing of the deed of sale and may sometimes lead to the termination of the transaction (purchase or sale of a property).

The Tranquilli-T program by RE/MAX comes into play when one of these situations occurs after the fulfillment of all conditions specified in your purchase offer. More specifically, verifiable, unforeseen, and reasonably incurred additional costs will be reimbursed, with only a deductible of $300 to be paid. The coverage period is 180 days following the scheduled date of the deed of sale or the policy specifications.

Learn more

Death

In the event of the death of the buyer or their spouse, if the person representing the estate does not wish to conclude the transaction, the seller will be covered by Tranquilli-T. They will benefit from the Tranquilli-T coverage, which will take on the fulfillment of the buyer’s commitments, including the sale price specified in the purchase offer that will be paid to the seller.

Learn more

Legal Assistance

The RE/MAX Tranquilli-T program allows a buyer or seller of a property access to a toll-free legal assistance telephone service for any questions related to the transaction. This service is in effect after the fulfillment of all conditions stated in the purchase offer and is valid for eighteen months following the deed of sale.

Do you have questions? Concerns? Neighborhood issues? Have you discovered a hidden defect after your purchase? You will have access to this legal assistance telephone service provided by a member of the Barreau du Québec specializing in real estate transactions

Learn more

Small Claims

With the assistance of the legal assistance telephone service, you will receive up to three hours of legal guidance for anything related to your transaction and subsequent occupancy. Disputes fall under the Small Claims Division of the Court of Quebec.

 Learn more

If you have any questions about the Tranquilli-T program, feel free to contact us by phone at 514.543.6808 or by email at info@yanicksarrazin.com. 

Contact our real estate brokers

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]]> The conversion of a duplex or triplex (plex) into a cottage (single-family house): a project gaining popularity https://yanicksarrazin.com/en/immobilier/seller-information/the-conversion-of-a-duplex-or-triplex-plex-into-a-cottage-single-family-house-a-project-gaining-popularitye/ Thu, 25 Jan 2024 15:07:48 +0000 https://yanicksarrazin.com/?p=53168 Converting a plex into a single-family house – Neighborhoods in Montreal A unique real estate project One of the real estate assets that particularly catches the eye of Montreal residents is that of single-family houses. The only issue is that in certain neighborhoods like Le Plateau Mont-Royal or Rosemont-La-Petite-Patrie, single-family houses are scarce and subject […]

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Converting a plex into a single-family house - Neighborhoods in Montreal

A unique real estate project

One of the real estate assets that particularly catches the eye of Montreal residents is that of single-family houses. The only issue is that in certain neighborhoods like Le Plateau Mont-Royal or Rosemont-La-Petite-Patrie, single-family houses are scarce and subject to fierce competition. Quickly listed on the market, they are swiftly sold, often in bidding wars. Since vacant lots for construction are very rare to find, the conversion of a duplex or triplex into a cottage is a project gaining popularity among families aiming to create a unique product that reflects their needs.

However, over the past year, several boroughs have adopted new regulations to address the shortage of rental housing in the metropolis. The regulations vary significantly from one neighborhood to another, and our real estate brokers have decided to shed light on the subject. Here are the new regulations regarding the conversion of triplex or duplex into single-family homes in each of the boroughs of the city of Montreal.*

Cottage moderne au Plateau Mont-Royal à Montréal

The Plateau-Mont-Royal

The Plateau-Mont-Royal now prohibits the change of use of a dwelling or the merging of two units in a duplex or triplex, as part of new measures aimed at protecting its rental housing stock. A public consultation is scheduled for April 9, 2024, to present these regulatory changes.

For more information, click here.

Duplex à Rosemont-La Petite-PAtrie à Montréal

Rosemont-La Petite-Patrie

The borough of Rosemont-La Petite-Patrie has restricted the conversion of triplexes into single-family residences but does allow the conversion of duplexes with the acquisition of a transformation permit.

The ubiquitous bungalow-style houses in the neighborhood have opportunities for expansion. For more information, we recommend reading our article on expansions in shoebox houses.

Duplex à Villeray à Montréal

Villeray-Saint-Michel-Parc-Extension

In the borough of Villeray, for buildings with up to six apartments, it is possible to merge two of them if the total area does not exceed 200 square meters. The area of a basement is excluded from this calculation. Therefore, the conversion of a duplex in Villeray could be accepted with the acquisition of a transformation permit. Following the previous guideline, it is no longer possible for owners of triplexes to convert their units into single-family houses. This prohibition also applies to the conversion of rooming houses.

Maison unifamiliale à Ville-Marie à Montréal

Ville-Marie

The borough of Ville-Marie indicates that the transformation of a building containing a residence, with the aim of reducing or increasing the number of units, requires obtaining a permit and approval for the work.

Le Sud-Ouest

The borough of Sud-Ouest indicates that the transformation of a duplex or triplex requires a transformation permit. This implies that it is possible to proceed with your conversion project as long as it does not affect the minimum number of units per building in the area. Therefore, you need to apply for a permit and hope for approval.

Mercier-Hochelaga-Maisonneuve

The borough of Mercier-Hochelaga-Maisonneuve states that the transformation of duplexes and triplexes into single-family homes is always possible with the acquisition of a transformation permit.

Outremont

The borough of Outremont, on the other hand, states that the transformation of a duplex or triplex requires a transformation permit. Therefore, it is possible to proceed with your conversion project once you have applied for a permit and have been approved by the borough’s permits and inspection division.

Côte-des-Neiges-Notre-Dame-de-Grâce

The borough of Côte-des-Neiges-Notre-Dame-de-Grâce allows the reduction of triplexes to duplexes, as well as the conversion of duplexes to single-family homes. These conversions are permitted by right, regardless of sector limits related to the number of units.

*Please note that regulations may change. Therefore, we encourage you to inquire with the borough for the most up-to-date information.

Facade d'un cottage du Plateau Mont-Royal

Recommendation from our real estate brokers

In all cases, our real estate brokers strongly recommends ensuring that you obtain various construction permits, such as demolition permits, transformation or construction permits, excavation permits, or others, as needed. Additionally, it is advised to contact the Urban Planning and Business Services Division of the borough to have the work approved by the municipal authorities.

Additional questions?

For any questions, you can always refer to the City of Montreal’s website or directly contact the boroughs, as it is the responsibility of the borough to determine whether the loss of housing resulting from this conversion will not contribute to falling below the minimum required quantity of housing in the neighborhood. However, your real estate broker remains the best person to assist you with all your projects and guide you in finding the ideal income property for your conversion.

Feel free to contact us; our team has experienced real estate brokers in this type of purchase in various neighborhoods of Montreal, and we will be happy to guide you through all the steps of this complex process.

Phone: 514.799.9841
Courriel: info@yanicksarrazin.com

L’article The conversion of a duplex or triplex (plex) into a cottage (single-family house): a project gaining popularity est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> The Promise to Purchase for a divided co-ownership https://yanicksarrazin.com/en/immobilier/buyer-information/the-promise-to-purchase-for-a-divided-co-ownership/ Mon, 15 Jan 2024 20:28:45 +0000 https://yanicksarrazin.com/?p=52846 The Promise to Purchase for a divided co-ownership The Promise to Purchase for a divided co-ownership in Quebec is a crucial step in the real estate acquisition process. It has specific peculiarities due to the unique nature of divided co-ownership properties. Understanding the essential aspects of this transaction is crucial for both buyers and sellers […]

L’article The Promise to Purchase for a divided co-ownership est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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The Promise to Purchase for a divided co-ownership

The Promise to Purchase for a divided co-ownership in Quebec is a crucial step in the real estate acquisition process. It has specific peculiarities due to the unique nature of divided co-ownership properties. Understanding the essential aspects of this transaction is crucial for both buyers and sellers involved in this type of real estate transaction.

Precise identification of the unit

In drafting the Promise to Purchase, it is imperative to precisely identify the targeted condominium unit. Each unit in a divided co-ownership is distinct, with its own lot number. The buyer must ensure that the unit specified in the Promise to Purchase aligns with their expectations and needs.

Divided and undivided co-ownership, how to differentiate between them?

Description of common areas

The Purchase Agreement must also include a detailed description of the common areas of the condominium. Common areas are spaces and facilities shared by all co-owners. It is essential for the buyer to fully understand their share in these common areas, as it will impact their rights and obligations within the condominium.

Conditions of financing

The financing terms are a crucial aspect of any Purchase Agreement. The buyer must specify the conditions related to obtaining a mortgage, taking into account the specifics of the divided co-ownership purchase. Lenders may have particular requirements for this type of property, and it is essential to anticipate them.

Verification of co-ownership documents

Before signing the Purchase Agreement, it is advisable to review the condominium documents, including the declaration of co-ownership and the building regulations. These documents outline the rules and regulations governing condominium living. The buyer must ensure they understand these rules and accept them before completing the transaction.

Pre-purchase inspection

The buyer has the right to conduct a pre-purchase inspection of the condominium unit. This step is crucial for identifying potential structural issues or defects. The Purchase Agreement should include provisions regarding a thorough inspection, enabling the buyer to make informed decisions.

Did you know that it is possible to cancel a purchase offer after the inspection?

The Purchase Agreement for a divided co-ownership requires special attention to details specific to this type of property. By fully understanding the intricacies of this real estate asset and incorporating these elements into the purchase agreement, the involved parties can ensure a smooth transaction that complies with applicable laws and regulations. It is highly recommended to consult with a real estate legal professional to ensure that all legal and contractual aspects are appropriately addressed.

For more details, refer to our article on the Purchase Agreement

Explore other real estate information

L’article The Promise to Purchase for a divided co-ownership est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> 5 strategic tips for first-time buyers https://yanicksarrazin.com/en/immobilier/information-acheteur-en/5-strategic-tips-for-first-time-buyers/ Thu, 19 Aug 2021 15:14:29 +0000 https://yanicksarrazin.com/?p=18922 5 strategic tips for first-time buyers – Key Information The purchase of one’s first property is an important event in the course of a lifetime. It is a great investment. However, it can be complex for a first buyer to know the different specificities about this real estate transaction. Indeed, the future buyer must be […]

L’article 5 strategic tips for first-time buyers est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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5 strategic tips for first-time buyers - Key Information

The purchase of one’s first property is an important event in the course of a lifetime. It is a great investment. However, it can be complex for a first buyer to know the different specificities about this real estate transaction. Indeed, the future buyer must be well prepared in the process, both before and during the purchase. Here are some strategic tips that will help you point in the right direction.

Strategic Tips

1. Be accompanied by a real estate broker from the sought-after sector

Location is important for determining the value of a property. A real estate broker in the area you are looking for knows the market in question well. Indeed, he has the knowledge of the specificities of the properties of the desired sector and will be able to confirm if the sector in question corresponds to your needs. He will then be able to find a property respecting your budget and the current market. It is advisable to collaborate with a broker with whom you will feel good and who will offer you real personalized support during this great process.

2. Be informed

As mentioned, buying a property is a very important investment in a lifetime. It is therefore necessary to know and understand the documents required during the real estate transaction. For example, this might be to understand what the Seller’s Declaration (DV) is all about or what is in a promise to purchase.

3. Prepare your questions

After reading these different mandatory documents, do not be shy to ask questions to your real estate broker. These various documents are complex and have many specificities. Explanations and clarifications may then be required. Your real estate broker is here to help you and will be able to answer your questions as quickly as possible.

4. Be prepared to submit your offer to purchase

4.1 Mortgage pre-approval

When buying a property, organization is a key component in order to distinguish itself from competing market offers. Mortgage pre-approval is an effective tactic to show your seriousness as a buyer. This pre-approved mortgage application is to be linked to the promise to purchase.

4.2 Cover letter

On the more sentimental side, it is recommended to write a cover letter and attach it to the promise to purchase. In this letter you can describe your family portrait, the reasons that made you want to acquire the property and the emotions felt when visiting. This human aspect could then touch the seller and weigh the balance in your favor.

5. Be patient

With increased competition from buyers in the market, patience is required in order to find the desired property. You must keep hope and rely on your real estate broker to review or modify your strategy, if it does not prove effective.

By following these few tips and working on your patience (aoum), you could distinguish yourself from the competition and acquire the dream property. And now… breathe!

In short, the 5 main tips for first buyers are to be accompanied by a real estate broker specialized in the desired sector, to learn about the documents required when buying the property and to prepare questions to ask to your real estate broker. Being organized is also essential. Linking the mortgage pre-approval and a cover letter to the promise to purchase could be beneficial for the acquisition of the desired property. Finally, patience would be the ultimate advice: good things come to those who wait.

Contact one of our real estate brokers for your first purchase

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