The TFSAPP – Key information Buying a home is an important investment that can lead to one of
La rue Chambord vous accueille dans ce projet unique : une propriété sur 2 étages réalisée par la firme Architecture InForm. Cet immeuble datant de 1924 a été entièrement rénové au gout du jour avec des matériaux haut de gamme. La mise en valeur du travail d’artisans québécois et canadiens était un élément primordial pour la réalisation de ce projet.
Dès l’entrée dans cette unité, un sentiment invitant et de bien-être est ressenti. Le design monochromatique participe à cette sensation de confort. En effet, le choix de couleurs pâles, les matériaux de bois clair, ainsi que le foyer au gaz linéaire insufflent une atmosphère minimaliste et apaisante. Du plancher en bois de chêne blanc aux armoires de cuisine en merisier russe, les matériaux de cette propriété misent sur la beauté, ainsi que la qualité.
La particularité de cette propriété? Une cuisine et une salle à manger en mezzanine. Ce choix architectural a été stratégiquement pensé afin d’accéder facilement aux deux terrasses privées de la propriété. Ces terrasses offrent d’ailleurs une vue imprenable sur le Mont-Royal!
Mais le point central de l’unité est l’escalier en acier flottant et aux lignes épurées qui lie intelligemment le rez-de-chaussée à la mezzanine. Ce dernier laisse infiltrer une abondance de lumière naturelle. Cette généreuse lumière pénètre dans l’entièreté de la propriété grâce à aux impressionnantes fenêtres.
Un endroit pour se ressourcer et retrouver son point d’ancrage tout en étant au cœur de la vie urbaine : c’est au 6724 rue Chambord que cela est réalisable.
Dans un espace signé Architecture InForm, le Projet Chambord combine deux étages conçus avec des matériaux hauts de gamme. Cuisine en merisier, salle de bain en porcelaine, vaste walk in, portes et panneaux de verre sur mesure : cette propriété prône la qualité et a été finement pensée. Son design intérieur invitant offre une oasis de sérénité par l’inondation de la lumière naturelle à travers l’unité.
Une escapade au cœur de Rosemont-La Petite-Patrie!
Situé au centre de l’île, Rosemont-La Petite-Patrie est l’un des arrondissements préférés des Montréalais et le troisième plus populeux de la métropole. Ses résidents apprécient notamment le quartier pour son équilibre entre les résidences, les commerces et les espaces verts. On compte d’ailleurs plus d’une centaine de ruelles vertes, des jardins communautaires, ainsi que des initiatives citoyennes. En effet, la communauté est très engagée en faveur du verdissement.
La Petite-Patrie est un quartier faisant partie de cet arrondissement. Ce quartier brille par ses nombreuses écoles primaires et secondaires, ses bibliothèques, ses commerces et ses parcs.
La Petite-Patrie regorge d’espaces verts comme le bien connu parc du Père-Marquette. Aménagé sur une ancienne carrière, ce parc possède toutes les commodités pour quelconque activité sportive et est bien apprécié par tous! Se rassembler et passer d’agréables moments ensemble : c’est la beauté de La Petite-Patrie.
De nombreux services et commerces à distance de marche.
De nombreuses pistes cyclables et stations de BIXI à quelques minutes du Projet.
Combinant fusion cambodgienne et vietnamienne, La Belle Tonki est un restaurant offrant des plats véganes servis avec une touche d’originalité. Ayant ouvert ses portes en 2020, La Belle Tonki est l’œuvre de deux amis d’enfance, les deux prénommés Michael, qui ont acquis le restaurant de la mère de Michael. Depuis, ce restaurant dynamique gagne en popularité et est grandement apprécié par les résidents du quartier.
Si vous avez le plaisir d’y passer une soirée, vous remarquerez la diversité et l’originalité des plats. Des poutines revisitées aux délicieuses soupes Pho : vous aurez l’embarras du choix!
Du ‘’asian comfort food’’ à son meilleur et un réel incontournable du quartier!
vinvinvin est un bar à vin nature issu d’agriculture bio et biodynamique. Un large choix de vins, ainsi que des en-cas y sont proposés. Dans une atmosphère conviviale et branchée où la vie de quartier résonne, combinez votre breuvage avec des huîtres, de la mousse au foie de volaille ou tout autre succulent met du menu.
Parfait pour un 5 à 7 entre amis ou une soirée romantique, vinvinvin saura assurément vous charmer par son large éventail de vins nature, de bières locales et de spiritueux distingués!
Un ‘’must’’ du quartier à essayer!
Courtière Immobilière résidentiel
Diplômée d’un baccalauréat avec une majeure en science économique de l’Université de Montréal et un certificat en finance d’entreprise, spécialisé en stratégie d’investissement en immobilier des HEC, Jade a très tôt baigné dans l’univers de l’immobilier. En effet, dès ses études collégiales, elle obtient un poste d’adjointe auprès d’un courtier immobilier de renom. Elle occupe cet emploi pendant dix ans où elle prend connaissance du monde complexe de l’immobilier. Monter les dossiers des clients, s’assurer de la conformité des documents reçus et gérer plusieurs transactions à la fois : ses tâches sont nombreuses et requièrent un sens aigu de l’organisation. À travers ses nombreuses années en immobilier, Jade a alors pu explorer les divers aspects du monde de l’immobilier et être au fait de toutes ses singularités.
C’est toutefois sa soif continuelle d’apprentissage, son désir d’être stimulée et d’être présente sur le terrain qui l’attirent vers le courtage immobilier. Jade aime aider les clients qu’elle accompagne et souhaite faire une réelle différence dans leur prise de décision par les conseils et l’expertise qu’elle leur apporte. Comme elle le dit si bien ‘’Rendre les personnes heureuses, c’est ce qui me rend heureuse’’.
Travaillante, minutieuse et organisée sont parmi les plus grandes qualités de Jade. Son métier, elle le fait avec passion. Ses clients reconnaissent son authenticité et tissent facilement une relation de confiance. Les nombreuses années de Jade dans le monde immobilier lui ont conféré une expertise, ainsi qu’une assiduité remarquable, lui attribuant une place notable dans notre équipe.
Buying a home is an important investment that can lead to one of your best investments for life. There are many potential buyers, but there are also many who are having trouble getting the down payment they need for such a large real estate purchase, especially with rising property prices.
Since the last election campaign, the Liberal government, under the leadership of Justin Trudeau, had mentioned the possibility of introducing an RDSP. This registered program would be dedicated to first-time buyers under the age of 40 to help them access their first home. However, the idea of the RDSP was abandoned and replaced by the TFSAPP or tax-free savings account for first-time home buyers. The TFSAPP would be in place as of January 2023 and has certain features.
The tax-free savings account for the purchase of a first property (TFSAPP) is designed to help first-time buyers save for their down payment. The main idea is to help young people become homeowners through the housing frenzy. The TFSAPP combines a variety of TFSA (tax-free savings account) and RRSP (registered retirement savings plan) benefits.
In this form of savings, an individual can contribute up to a maximum of $8,000 per year, for a maximum accumulation of $40,000. These contributions are tax-free and the accumulated income is tax-free, so there is nothing to pay back over the years. Withdrawals from the purchase of a property are then also non-taxable.
In order to access and benefit from the TFSAPP, certain eligibility criteria must be met:
-You must be a Canadian citizen and resident 18 years of age or older.
-There is no maximum age limit for opening an account.
-You must not have acquired a property when opening an account or four years before opening it. It must therefore be a first real estate purchase.
The TFSAPP also has certain features:
-The maximum contribution per year is $8,000.
-Unused contributions cannot be transferred to the following year.
-The maximum TFSAPP limit is $40,000.
-Like an RRSP, contributions are fully tax deductible. This increases the ability to save.
-Withdrawals related to the purchase of a property are non-taxable.
-These non-taxable withdrawals will be used to purchase a single property for life.
-If a withdrawal is made and has a purpose other than the purchase of real estate, the amount of the withdrawal will then be taxable.
-It is not possible to withdraw from the TFSAPP and HBP (home buyers’ plan) for the same property.
-The money can be invested in a TFSAPP for up to 15 years or until the age of 71. If this maximum period is reached, the account must be closed and the total amount of the accumulated money transferred to an RRSP.
The TFSAPP then presents certain constraints, but also significant advantages for a first-time buyer.
In 1974, Pierre Elliott Trudeau, the former Prime Minister of Canada and father of Justin Trudeau, introduced a similar program to help young people become homeowners. The REEL, or home savings program, was abolished after 10 years.
The arrival of this new savings program, the TFSAPP, is very recent. The announcement was made in the last federal budget in April 2022. Many questions arise and additional rules regarding this savings account are still unknown. With its implementation scheduled for January 2023, the subtleties of this form of savings will be better known and we will have a clearer picture of this new savings program for first-time home buyers.
Scheduled for 2023, the tax-free savings account for the purchase of a first property (TFSAPP) is designed to help first-time buyers through the housing frenzy to save for their down payment. The TFSAPP has many advantages, such as improved ability to save, with fully tax-deductible contributions and non-taxable withdrawals on the purchase of your first home. In addition, the maximum TFSAPP limit is raised to $40,000, for a maximum annual contribution of $8,000. The TFSAPP has many advantages, but also many questions about its application. More information will be revealed over the next year in order to gain a better understanding of the TFSAPP.
Raise in key interest rate – Key informations In our current context of pandemic and real estate market
End of dual agency : bill 5 – Key informations Bill 5 Given the current overheated real estate
In a seller’s market, the number of properties for sale is not sufficient to meet the demand. It is not uncommon for more than one buyer to be interested in the same property, and this is even more the case in the more desirable areas of the city of Montreal. As a buyer, you can sometimes find yourself in a multiple offers situation and overbidding, which can seem tricky and even discouraging. However, there are several strategies to consider in this situation to increase your chances of winning.
Here are 7 that can help you :
ItDefine what criteria are really important to you when you begin your search for a new property. If your criteria are not well defined, you may not have enough time to evaluate the neighborhood and the characteristics of the properties (neighborhood schools, number of rooms needed, maximum budget, etc.). By having clear criteria, you will reduce stress and focus on the opportunities that really meet your needs.
In a multiple offer situation, the selling price is usually higher than the asking price. A real estate broker who knows the Montreal market well will be able to advise you on the price at which a property should sell and help you set the right price for your offer.
His knowledge of neighborhoods, recent transactions and the legal aspects of a real estate transaction will give you access to all the information you need to make informed decisions. In addition, he will be able to put his network of trusted professionals (appraisers, mortgage brokers, notaries, etc.) at your disposal so that you will be ready when the time comes to fulfill the conditions of your promise to purchase.
It is important to know that in a multiple offer situation, you will not be able to know the conditions offered by the other buyers, including the price. Although the seller’s broker must advise you of the number of offers, no other element can be mentioned.
In order to demonstrate your intentions and commitment to the seller, it is strongly recommended that you obtain a mortgage pre-approval from your financial institution in addition to your down payment. This letter will demonstrate to the seller that you are not financially locked in. You can also obtain a proof of funds which will further reassure the seller.
The price is not the only element considered at the time of a purchase. In fact, other clauses such as the occupancy date play a major role in the sellers’ decision. If you are flexible with the date of signing or taking possession, or with inclusions/exclusions, talk to your broker or the seller’s broker (if you are buying alone). They will be able to give you more details on the sellers’ expectations.
The more your terms accommodate the seller’s preferences, the more likely you are to get their attention. There is also the option of making an offer not conditional on an inspection. Although this option is more risky, it is best to discuss it with your real estate broker first.
If the seller wants 48 or 72 hours, do not try the option of reducing the time to 24 hours. This may have a negative effect, rushing the seller who is receiving multiple offers.
Sellers are often emotionally attached to their property, they often want to know the next people who will live there and their plans. By taking the time to write a presentation letter, prepare a video or a photo collage, you increase your chances of showing that you are the ideal buyer. Don’t forget to present your family, your projects or your background, they might recognize themselves in you!
It is suggested to set deadlines as short as possible, while remaining realistic. A serious and ready buyer should have all the information ready in case of an accepted offer to start the process. Consult your inspector in advance to find out the minimum notice period he needs, or your bank or mortgage broker for financial approval deadlines.
If you find the property of your dreams or are looking for a home in an area where listings are scarce, discuss with your broker the option of increasing your offer. Offering your highest price may get you the property you want. If your offer is not accepted, and you have a strong interest in the property, you can put in a second offer. This option ensures that your offer will be accepted if the initial offer falls through.
The Montreal market is as active as ever and properties are selling at a record pace. It is therefore strongly suggested to act quickly. Don’t wait for the visit to see the street or the area of the property. Come by during the day and evening to see the façade and exterior, and if there is an alley, visit it. Respect the seller’s requests regarding the deadline for submitting offers.
If you choose a real estate broker, take the time to check out the reviews of buyers and sellers on Google, to see what they thought of the service offered. After all, it’s people like you who will give you a real idea of what to expect.
Choosing a team of real estate brokers can be more advantageous since you benefit from the expertise of several professionals constantly. Consult our article on the reasons to choose a real estate team to learn more.
Happy searching, and especially happy transactions!
4242 Boyer – Key informations A sought after sector It is in the heart of the Plateau Mont-Royal, on quiet Boyer Street, that this superb
The TFSAPP – Key information Buying a home is an important investment that can lead to one of your best investments for life. There are
Multiple offers : 7 strategies to stand out from the competition – Important points In a seller’s market, the number of properties for sale is
Nearly 40 years after their opening, Chaussures Piétine still retains its loyal clientele in the Outremont neighborhood, while also reaching out to fans of the shoe store concept for young children, who travel from all over the city to receive the judicious advice of the owner, Nadielle Kutlu, regarding their little ones’ needs.
Located on the charming Querbes Avenue, near the Laurier West intersection, Chez Piétine offers a concept and exclusive products that have been delighting consumers for several generations now. It is with a real passion and contagious joy that Nadielle welcomed us in the boutique she now owns, to share a little piece of her knowledge.
Offering high quality European brands such as Ricosta, Pom d’Api, Petit Nord and many others, Chez Piétine takes its mission to heart to offer children quality shoes, comfortable and above all, adapted to kids’ little feet! Without being trained podiatrists, Nadielle and her employees are passionate enough about the field to advise parents to the best of their knowledge when they are looking for an adapted and comfortable model… while being, let’s face it, very cute!
Danièle Papazian, a real estate broker on our team, is an avid fan of the boutique where she has brought her children since they were very young in order to offer them shoes that are adapted to their needs, and of a style that is both sought-after and unique in its kind. The great attention paid to the choice of products and the materials used to make them is one of the points of differentiation that Danièle mentions when she talks about the Outremont boutique. Apple leather, recycled materials, soft, comfortable and non-toxic, the employees at Piétine make it their duty to select items whose materials are suitable for the particular needs of infants whose first steps are an important stage of development, as well as for children of school age.
Rain boots, sandals, booties, athletic shoes and slippers, Piétine offers a wide selection of carefully chosen products that meet the highest standards of comfort.
If the pandemic was a brake on the development of the business model of many, this business, which has become an institution in the Outremont neighborhood, took advantage of it to reinvent itself, while continuing to offer the outstanding service for which they are known to their loyal customers.
In the summer of 2021, the store installed a large outdoor carpet to accommodate customers in a sanitary manner, while allowing toddlers to enjoy the space to walk, run and try on their new shoes! Nadielle Kutlu also offered its in-home services to customers who needed precise advice on the size, style or comfort their little ones needed, a problem exacerbated by the closure of physical stores, leaving parents with no option but to order their toddler’s first pair of sneakers online.
If you don’t know this charming neighborhood business, which has become a real institution over the decades, the boutique Chez Piétine is definitely worth a visit for all new parents and lovers of quality and adapted products who want to spoil their little ones with original shoes of unbeatable quality.
4242 Boyer – Key informations A sought after sector It is in the heart of the Plateau Mont-Royal,
Multiple offers : 7 strategies to stand out from the competition – Important points In a seller’s market,
Are you looking for a property? You are getting ready to make your first real estate investment and are looking for information and advice on the steps and procedures to follow to complete this major project.
Our team of real estate brokers has prepared a summary document, inspired by the OACIQ Buyer’s Guide, which outlines the main steps to follow in order to carry out your project in complete confidence.
Here is a summary of the main topics covered in this buyer’s guide.
The first important step is to establish your budget. Indeed, it is important that it takes into account your lifestyle, your daily expenses, your payments, your debts, while taking into account your medium and long term objectives.
This way, you will know exactly what budget you can allocate to the purchase of a property, in addition to directing your search in the right direction, towards homes that respect your budget limit.
It will then be important to have a mortgage pre-approval that assesses your ability to borrow from the bank. This document will be given to you by a mortgage broker, who will probably use one of the following two ratios :
You will then need to determine the amount of your down payment, which is the amount you will have to pay when you purchase the property. This amount will then be deducted from the purchase price of the property. This amount will depend on the type of property you are purchasing (divided co-ownership, undivided, income property, etc.).
As a real estate buyer, you should also set aside a preventive amount to cover the inspection, notary fees, transfer duties and all other expenses related to the acquisition of a property, as well as any unforeseen circumstances that may arise.
Also note that if this is your first real estate purchase, the HBP (Home Buyer’s Plan) may be of interest to you! Consult our guide to find out more about it.
Also, be sure to define your search criteria, the geographic area you are looking for, the type of neighborhood you want to live in, your needs, restrictions, etc. A detailed sheet in our buyer’s guide will help you narrow down your search criteria.
If you wish to do business with a professional in the sector, discover our real estate brokers in Montreal who will be pleased to accompany you in your steps. Real estate professionals are protected by the Real Estate Brokerage Act, which, as mentioned by the OACIQ, will help protect you during your transaction.
In addition, real estate brokers generally have a network of contacts that will allow you to surround yourself with the best experts in each of the fields necessary for a successful transaction: mortgage broker, notary, inspector and others.
The Seller’s Declaration is the document in which the seller records all the information he or she is aware of about his or her property that may help future buyers make up their minds about the property, including any defects or irregularities in the location.
Have you found the perfect home? Now it’s time to write the Promise to Purchase (PTP), the official and mandatory document that tells the sellers that you want to buy their property. It is in this document that you indicate the price at which you wish to purchase the property as well as the conditions of your offer. The Promise to Purchase is a negotiating tool between the parties and is therefore negotiable.
Although you may decide not to ask for a building inspection before signing the promise to purchase, your broker must recommend it! More information on this subject can be found in our guide for buyers.
Once the Promise to Purchase is accepted, the next step is to formalize the transaction. The two main components of this step are the title examination and the deed of sale. The transfer of the property requires the involvement of a notary. Again, your real estate broker plays a crucial role in ensuring that the required documents are available.
The final step in the transaction is the drafting and signing of the deed of sale, in order to make the purchase of the property official. The notary will specify, among other things, the clauses and conditions essential to the protection of your rights.
The TFSAPP – Key information Buying a home is an important investment that can lead to one of your best investments for life. There are
Raise in key interest rate – Key informations In our current context of pandemic and real estate market overheating, the threat of an increase in
• Une carte cadeau de 100$ de la boutique Alma Plantes & Bar à Plantes
• Un cache pot en terre cuite
• Une jardinière ajustable
• Une plante Peperomia
• Un bouquet de fleurs séchées
Le Concours aura lieu du mardi 15 mars 2022 au mardi 21 mars 2022 23h59. Le ou la gagnant(e) sera annoncé(e) le mardi 22 mars 2022 à midi en story sur la page Instagram de l’Équipe YE/SARRAZIN (@yesarrazin) et contacté par message privé sur Instagram.
Si le(a) participant(e) ne se manifeste pas dans les 7 jours suivant l’envoi de ce message privé sur Instagram, il/elle sera considéré(e) comme ayant renoncé à son lot et celui-ci restera la propriété de l’organisateur. Un second tirage au sort sera alors effectué parmi tous les autres participants.
En acceptant son prix, le(a) gagnant(e) accepte que les organisateurs du concours utilisent son nom et/ou pseudonyme Instagram dans une publication promotionnelle sur la page Facebook et Instagram de Équipe YE/Sarrazin- Courtiers immobiliers à Montréal.
Le Concours est organisé par l’Équipe Yanick E. Sarrazin Inc., agence immobilière, œuvrant sous la bannière RE/MAX du Cartier à Montréal, 835 Boulevard Saint-Joseph Est, Montréal (QC), H2J 1K5.
Le Concours a été enregistré légalement auprès de la Régie des alcools, des courses et des jeux du Québec. Un différend quant à l’organisation ou à la conduite du concours publicitaire peut être soumis à la Régie des alcools, des courses et des jeux afin qu’il soit tranché. Un différend quant à l’attribution d’un prix peut être soumis à la Régie uniquement aux fins d’une intervention pour tenter de le régler.
Le/la gagnant(e) sera responsable de venir chercher son prix à l’adresse suivante* :
3997 Rue Saint-Denis, Montréal, QC, H2W 2M4
*Pour les adresses situées à l’extérieur de Montréal et ses environs, le prix sera envoyé par la poste.
In our current context of pandemic and real estate market overheating, the threat of an increase in the key interest rate has been hovering for several months. Recently, the Bank of Canada raised the rate to 0.50%. This interest rate had not increased since the beginning of the COVID-19 pandemic in 2020.
Many questions and uncertainties remain about the impact of this rate fluctuation on the real estate market. To shed some light on the key interest rate and its influence on the real estate market, we spoke with Mahsa Mirzaie, Director of Mortgage Development at National Bank.
The objective of raising the key interest rate is to curb inflation around the world by reducing borrowing costs and encouraging savings. It is important to understand that at the beginning of the pandemic, the key interest rate was reduced three times to reach 0.25% to stimulate the economy. This rate, reached in March 2020, had never been so low, allowing the economy to recover.
Source : la Banque du Canada
When central banks raise their interest rates, the base rate of chartered banks (such as the National Bank of Canada, the Bank of Montreal, the Royal Bank of Canada) also increases, because it costs them more to finance themselves. The consequence is that several bank products with interest rates increase, such as mortgage interest rates, rates on credit margins, and other products with variable interest.
Customers that already have a fixed-rate mortgage, the interest rate will not be affected by this increase until their mortgage is renewed. The rate is set for the duration of the contract. When the contract is renewed, the new rates take effect.
Customers that already have their mortgage with a variable interest rate will have to expect a rise as fast as the following month.
Now, for customers who are currently looking for a mortgage, it is recommended to do a pre-approval with rate guarantee as soon as possible. Indeed, despite the fact that there has been a first increase in the key interest rate, according to the forecasts, future increases in interest rates are to be expected. We must then protect ourselves against them.
According to Yanick E. Sarrazin, the team’s chief real estate broker, although the real estate market has been very interesting for several years, it should not be forgotten that the evolution of this market depends on the relationship between supply and demand. A disparity therefore creates an upward or downward impact on property prices.
Higher rates are expected to result in fewer buyers, which could reduce or stagnate future increases in property values. Some may think that this could lower the price of houses in Montreal. Mr. Sarrazin’s opinion differs since the average prices of properties in Montreal have not witnessed a loss in value in the past decades. Indeed, Mahsa Mirzaie, adds that it would be unlikely unless we find exorbitant rates at 5-6% as those before the year 2000.
Historically speaking, real estate remains a good investment in the long term considering that properties increase in value over time.
However, many are wondering whether it is better to acquire a property right now or to wait, given the situation. From an investment point of view, it would be wiser not to wait to purchase a property given that the prices of properties have always seen an increase, strong or weak.
That being said, a mortgage broker understands that each individual’s situation varies. The financial stability of the buyer is a key element, hence the importance of a mortgage broker assessing one’s financial situation. This analysis can then provide an overall picture of the individual’s income, borrowing capacity and repayment capacity.
Once the financial analysis is done, it is also important to target the objective of the purchase, as the strategy to adopt will be different. For example, is the purchase for a primary residence? There will then be no tax impact on the sale unlike a purchase of a rental property, in this case, the strategy of cash damming will be interesting.
Since it can take a long time to acquire the desired property, it is recommended to do a pre-approval with guaranteed rates with the longest period possible. This then ensures no fluctuation of the rate for a fixed period.
Depending on the objectives of your real estate purchase, there are multiple strategies and can be complex, hence the importance of getting in touch with a mortgage broker who will advise you and guide you towards the right direction.
4242 Boyer – Key informations A sought after sector It is in the heart of the Plateau Mont-Royal,
Multiple offers : 7 strategies to stand out from the competition – Important points In a seller’s market,
Given the current overheated real estate environment and in the interest of better protecting buyers in a real estate transaction in Quebec, Bill 5 was passed by the National Assembly. This amendment to the Real Estate Brokerage Act will be adopted on June 10, 2022. Bill 5 involves various tax measures, but also measures related to the real estate market. It prohibits, among other things, the double agency of a real estate broker with a buyer and a seller for a residential immovable, as well as the verbal brokerage contract. These measures would then avoid a potential conflict of interest.
With the arrival of this new law, many questions arise. What exactly does this law consist of? What are the benefits for buyers? Does it have any exceptions regarding its application? What is the opinion of our team’s real estate brokers regarding this important change?
As mentioned previously, Bill 5 prohibits a real estate broker from representing a buyer and a seller at the same time in a transaction involving a residential immovable property. A real estate broker works with his client, must protect his interests and ensure loyalty. Respect for confidential customer information is essential. In a case of double agency, these obligations cannot always be fulfilled and can give rise to major conflicts of interest, hence the importance of the establishment of this law.
The real estate broker must then represent only one part of the transaction (either the buyer or the seller in the case of the sale of a property and in the case of a rental either the tenant or the lessor), thus ensuring a fairer treatment vis-à-vis the buyer.
The prohibition of double agency is also combined with the prohibition of the verbal purchase brokerage contract. In fact, a real estate broker cannot be remunerated in the absence of a written contract, whether for the purchase, sale, rental or exchange of a residential building. A written purchase brokerage contract must then be established between the buyer and the real estate broker in order to formalize the transaction.
If a case of double agency occurs, i.e. a real estate broker is bound by a sales brokerage contract and a purchase brokerage contract, he must then notify the buyer in writing as to the termination of the purchase contract. As soon as this writing is sent, the termination of the purchase contract takes effect. The broker will then have to recommend a new real estate broker to this buying client. However, the buying client can choose not to be represented by anyone and make the decision they desire for the rest of the real estate transaction. If this is the case, that is to say that the buyer no longer wishes to be represented, the real estate broker must grant him fair treatment and no compensation will be required following the termination.
It should be noted that the OACIQ will establish certain exceptions with regard to compliance with the law of double agency. For example, for certain regions of Quebec that would be underserved, real estate brokers in that region would be authorized to represent buyers and sellers. Additional exceptions are expected in the coming months.
The introduction of this law will reduce the potential conflicts of interest that can arise when a real estate broker represents a buyer and a seller at the same time.
In fact, by being represented by a real estate broker, separate from the listing broker (representing the seller), the buyer will therefore benefit from support that will defend his interests. The real estate broker will, in turn, assess the market value of the desired property in order to set a fair price. He can therefore advise the buyer a legitimate price for the value of the property as well as the necessary conditions to be included in the Promise to purchase (PA) in order to protect the buyer in the transaction.
In addition, this will provide additional protection to the buyer and will strengthen the relationship of trust and loyalty between the two parties vis-à-vis the seller.
In general, the real estate brokers on the team find that this modification of the law on real estate brokerage will be beneficial. Indeed, it will allow the buyer to have additional freedom and better peace of mind regarding the listing broker. The notion of fairness will be further strengthened and will allow the solidification of the value of the role of the broker. In addition, the obligation to sign the residential purchase brokerage contract will protect clients, but also real estate brokers.
Despite the many benefits and advantages of this new law, there are still some ambiguities as to its application. In fact, the ambiguity is particularly found when the buyer does not wish to be represented to go directly with the seller’s broker. Additional questions remain and will be clarified as and when this law is specified and applied.
Bill 5 was adopted by the National Assembly and involves changes to the law on real estate brokerage. These changes will be in effect from June 2022. Among other measures, this new law prohibits the dual agency of a real estate broker with a buyer and a seller for a residential building. It also indicates that in order to formalize a transaction, a written brokerage purchase contract must be established between the two parties. Certain exceptions to this double agency will be granted, such as in small regions of Quebec where there is a deficit of real estate brokers. However, many questions remain about the application and respect of this law. More precise answers will be forthcoming in the coming months.
Single-family homes, cottages, divided or undivided condominiums, duplexes, triplexes, quadruplexes, the types of properties are numerous. The sale of a property is an important life change that can cause many concerns.
Even though selling a property is a common practice, few people are aware of the various documents required for this real estate transaction. Here is an overview of these mandatory documents to help you better prepare for this exciting life change.
The certificate of location is a document consisting of a report and a plan prepared by a land surveyor. The latter must be a member of the Ordre des arpenteurs-géomètres du Québec (OAGQ).
The certificate of location accurately represents the state of the premises. It includes the physical condition of the premises and indicates any cadastral renovations that have been carried out. The certificate of location proves the conformity of the property with provincial and municipal regulations (e.g. zoning).
This document must be up to date and can take up to six weeks to obtain, depending on the market’s effervescence. In Quebec, it is valid for a period of 10 years. The certificate of location is mandatory because it is required by the notary before the signing of the deed of sale. It is therefore important to plan ahead in order to obtain the certificate of location in time.
Once the promise to purchase or the counter-proposal to the promise to purchase has been accepted and all the conditions of the promise to purchase have been fulfilled, it is the signing of the deed of sale before a notary that formalizes the sale of the property. This is the final step in the transaction.
The deed of sale is drawn up by a notary who respects the rights of both the seller and the buyer. The notary will also ensure the veracity of the facts mentioned in the promise to purchase.
In the deed of sale, there are various elements such as, among others, the contact information of the buyer and the seller, the description of the inclusions, the price of the transaction and the amount of the notary’s fees.
The sale of a property is synonymous with mortgage financing. The mortgage deed is a document detailing all the loan components (loan principal, interest rate, amortization period, etc.) of the property financing. The mortgage deed is drafted by a notary and is combined with the deed of sale.
When the property is sold, the notary must verify that the provincial and municipal taxes have been paid. In addition, the balance of the mortgage loan must have been paid in full by the seller. This will allow for the cancellation of the mortgage loan. The notary will then publish the deed of cancellation in the Land Titles. The Land Registry is a report that determines ownership rights. The deed of cancellation in the Land Regime then allows for the removal of the property rights. It should be noted that in the past, a mortgage deed was required to put the property up for sale. Today, the most important document is the last mortgage statement.
School and municipal taxes contribute, among other things, to the financing of various services such as road maintenance and repair, heating of schools and public transit. When selling a property, the future owner must be aware of these amounts. A real estate broker will have access to them and can inform future buyers. The school tax statement indicates the amount to be paid annually. It also shows the evolution of the value of the property in recent years. The municipal tax statement details the amounts imposed by the municipality and the borough.
Divided co-ownership is governed by a syndicate of co-ownership which ensures that the building is respected and properly administered. The Declaration of Co-ownership is a notarized document which acts as a binding contract between the various co-owners of the building. The document describes the administrative and living rules of the building. These rules must be respected by the owners, tenants and members of the syndicate of the immovable, under penalty of negative consequences. The Declaration of Co-ownership makes each party responsible and can promote better harmony between co-owners.
The financial statements of the syndicate of co-owners are reports detailing the accounting situation of the co-ownership for each fiscal year. Any co-owner can have access to these reports.
Minutes are a document drawn up following a meeting of the co-owners of a building. It must be clear and concise. The minutes must contain the name of the syndicate of co-ownership, the date and time of the meeting, as well as the comments and interventions of the co-owner members. An appointed secretary is in charge of writing the minutes and they are signed by the president of the syndicate of co-ownership. The minutes then provide an overview of the concerns, comments and decisions made regarding the co-ownership.
Unlike divided co-ownership, there is no syndicate which ensures the proper administration of the immovable, but rather an undivided co-ownership agreement detailing the rights of each owner and giving details on the management of the undivided co-ownership. The various expenses for the maintenance of the immovable must be separated between the owners depending on the shares of each. The undivided co-ownership agreement is not mandatory, but is strongly recommended for the proper management and administration of undivided co-ownership.
There are different types of leases: six months and less, six months and more, and open-ended leases. However, a lease is automatically renewed and is usually for a period of 12 months. There is a time limit for notifying tenants of an increase in the rental amount. When the property is sold, a copy of the leases must be provided to the new purchaser.
Even when a property is sold, a tenant has a right to remain in the premises. This means that he or she can stay as a tenant for as long as he or she wants. The landlord sends a renewal notice to the tenant to find out if he or she will stay on the premises. The tenant has a specified time to respond to the landlord. Failure to respond will result in the renewal of the lease. At the time of sale, the renewal or non-renewal notices allow the buyer to have a better idea of the amount of rent paid by the tenants.
As mentioned, the sale of a property requires mandatory documents depending on the type of property. Specificities may also be required at each step of the real estate transaction.
If you are thinking of selling your property or simply have questions, contact one of our real estate brokers to find out how we can help you.