Archives des Seller information - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/tag/seller-information/ Plateau Mont-Royal, Outremont, Rosemont La-Petite-Patrie, Mile-End, Ville Marie Fri, 25 Apr 2025 19:22:39 +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 Archives des Seller information - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/tag/seller-information/ 32 32 Key interest rate maintained at 2.75%: A favorable environment for the real estate market! https://yanicksarrazin.com/en/immobilier/buyer-information/real-estate-news-buyer-information/key-interest-rate-maintained-at-2-75-a-favorable-environment-for-the-real-estate-market/ Wed, 16 Apr 2025 18:40:38 +0000 https://yanicksarrazin.com/?p=75229 Montreal, April 16, 2025 – The Bank of Canada has decided to maintain its key rate at 2.75%. This stability is explained by economists’ desire to await developments in the ongoing trade war between Canada and the United States before making any adjustments. Source : Bank of Canada Maintaining this rate continues to have a […]

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Montreal, April 16, 2025 – The Bank of Canada has decided to maintain its key rate at 2.75%. This stability is explained by economists’ desire to await developments in the ongoing trade war between Canada and the United States before making any adjustments.

Source : Bank of Canada

Maintaining this rate continues to have a positive impact on the Canadian economy. In particular, it encourages consumer spending, since lower interest rates reduce borrowing costs for financial institutions, which can then offer advantageous terms to their customers. This favorable environment could encourage more buyers to realize their real estate projects.

While this decision is particularly favorable for buyers, it also has advantages for sellers. Increased demand on the real estate market, supported by easier access to credit, increases the likelihood of selling quickly at a competitive price. In short, the improvement in household purchasing power could breathe new life into the real estate market as a whole.

To better understand the impact of the 2.75% key interest rate on your real estate projects, don’t hesitate to contact our real estate brokers in Montreal.

Sources

Bank of Canada. https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/?theme_mode=light&_gl=1*1v19lw8*_ga*MTQ5NjYzMjA2Ni4xNzQ0ODEzNzU2*_ga_D0WRRH3RZH*MTc0NDgyODMwMC4yLjAuMTc0NDgyODMwMC42MC4wLjA.

Bank of Canada.
https://www.bankofcanada.ca/2023/12/how-higher-interest-rates-affect-inflation/?theme_mode=light&_gl=1*112lhw*_ga*MTQ5NjYzMjA2Ni4xNzQ0ODEzNzU2*_ga_D0WRRH3RZH*MTc0NDgyODMwMC4yLjEuMTc0NDgyODM1OC4yLjAuMA. 

La Presse. https://www.lapresse.ca/affaires/economie/2025-04-16/banque-du-canada/le-taux-directeur-reste-inchange-a-2-75.php


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]]> Can a buyer move into a property before passing through the notary’s office? https://yanicksarrazin.com/en/immobilier/real-estate-information/can-a-buyer-move-into-a-property-before-passing-through-the-notarys-office/ Wed, 26 Feb 2025 19:33:46 +0000 https://yanicksarrazin.com/?p=71552 Some buyers wonder whether it’s possible to move into their new property before going to the notary? It is possible to do so, but this situation is not ideal for several reasons. It’s essential to stress that the property remains the property of the seller until the notarial deed is signed. It is therefore essential […]

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Some buyers wonder whether it’s possible to move into their new property before going to the notary? It is possible to do so, but this situation is not ideal for several reasons. It’s essential to stress that the property remains the property of the seller until the notarial deed is signed. It is therefore essential to take the following points into account before giving your consent.

1. Legal risks

As the seller remains the legal owner of the property until it is signed at the notary’s office, this can sometimes cause problems in the event of a dispute. For example, if damage or incidents occur because of the buyer, liability could fall on the seller, even if the latter is not responsible for these incidents.

2. Insurance and coverage

For the buyer, it can be risky to move into the property before the notarial deed has been signed, as home insurance only takes effect once the deed has been registered. Consequently, in the event of a claim such as fire or flood, the buyer would not be covered. What’s more, the seller’s insurance policy cannot cover the buyer’s property or any damage caused by his presence before the notarized transaction is completed.

3. Unexpected changes

Although this situation is relatively uncommon, it is possible for a sale to fail, even after a promise to purchase has been accepted. Indeed, financing problems or the discovery of unforeseen elements during the inspection may prevent the transaction from closing. In this case, if the buyer has already begun moving in or carrying out work on the property, he could find himself in a tricky position.

4. Preserving the seller-buyer relationship

Letting the buyer take possession of the property before the official closing could lead to tensions or misunderstandings between the two parties. That’s why it’s best to wait until the sale has closed, to avoid potential conflicts.

In short, our team of Montreal real estate brokers advises against allowing a buyer to move into a property before signing at the notary’s office. However, should the seller be obliged to allow the buyer to occupy the premises prior to notarization, for whatever reason, it is strongly recommended that this agreement be formalized in writing. This should clearly specify: the duration of occupancy, the procedures to be followed should the sale fail, and the nature of the work the buyer plans to carry out.

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]]> Real estate statistics – October 2024: Montreal real estate market in full swing https://yanicksarrazin.com/en/immobilier/seller-information/real-estate-statistics-octobre-2024/ Fri, 08 Nov 2024 13:43:31 +0000 https://yanicksarrazin.com/?p=64729 The real estate brokers on our team have analyzed the APCIQ’s real estate statistics for October 2024, comparing them with those for October 2023, in order to observe trends and developments in the Montreal real estate market over the past year. For a clearer and more precise analysis, they chose to separate their observations into […]

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The real estate brokers on our team have analyzed the APCIQ’s real estate statistics for October 2024, comparing them with those for October 2023, in order to observe trends and developments in the Montreal real estate market over the past year. For a clearer and more precise analysis, they chose to separate their observations into 3 main property categories: single-family homes, condominiums and plexes (2 to 5 units).

Single-family homes

Sales of single-family homes rose from 288 to 419, an increase of 45%. The average sale price also rose, from $695,000 to $797,750, an increase of 15%. Finally, the average selling time increased slightly, from 51 to 59 days.

Condominiums

Sales in the divided and undivided co-ownership sector were also up, from 537 to 794, an increase of 48%. The average price of condominiums also rose, from $451,000 to $478,950, an increase of 6%. Finally, the average sales time also increased by 5 days, from 57 to 62 days.

Plex (2-5 units)

Plexes represent the smallest increase. We note an increase of 26% compared with October 2023, representing a total of 240 sales rather than 191. In terms of price, there was a 9% increase, meaning that the median price of plexes rose from $775,000 to $845,000. Lastly, the average sales time increased by 10 days, from 57 to 67 days.

In short, the real estate statistics for October 2024 highlight the dynamism of the Montreal real estate market. This momentum is a result of the recent reduction in the key interest rate, announced by the Bank of Canada on October 23, which is stimulating activity in the real estate market. This effervescence is creating numerous opportunities for buyers and sellers alike. If you’re ready to make your project a reality, our real estate brokers are here to help you, whether you’re buying or selling a property.

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]]> Everything you need to know about estate sales https://yanicksarrazin.com/en/immobilier/seller-information/everything-you-need-to-know-about-estate-sales/ Tue, 27 Feb 2024 15:06:29 +0000 https://yanicksarrazin.com/?p=54700 Everything you need to know about estate sales – Key Information You have recently inherited a property and are considering selling it, but you’re wondering what steps to take? In Quebec, the sale of an estate refers to the transfer of real or personal property of a deceased person as part of the settlement of […]

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Everything you need to know about estate sales - Key Information

You have recently inherited a property and are considering selling it, but you’re wondering what steps to take? In Quebec, the sale of an estate refers to the transfer of real or personal property of a deceased person as part of the settlement of their estate. We have collaborated with Jean-Vincent Boggia, a real estate broker at YE/SARRAZIN, to address all your questions on the subject.

What is an estate sale?

An estate, in the legal domain, represents all the property, rights, and obligations of a deceased person. When a person dies, the management and distribution of their property fall to an entity designated according to legal or testamentary provisions in force. This entity, often called the “liquidator” or “executor,” is responsible for handling the financial and legal affairs related to the estate.

In this context, heirs may consider selling a property they have inherited, whether it be a house, divided or undivided co-ownership, income property, cottage, etc.

What are the differences between intestate and testate succession?

Intestate succession occurs when the deceased has not drafted a will or if the will is invalid. The distribution of assets is governed by the intestacy laws in force in the country or state. Heirs are designated according to a priority order established by law, usually direct descendants (children, grandchildren), the surviving spouse, then other relatives based on their degree of kinship. The management of the estate is often entrusted to a liquidator designated by law or chosen by the family.

Testate succession occurs when the deceased has drafted a valid will before their death. The testator explicitly designates the beneficiaries of their assets as well as the liquidator or executor responsible for implementing the provisions of the will. The will may allow the deceased to deviate from the rules of intestate succession and distribute their assets according to their personal wishes, subject to compliance with applicable legal provisions.

How does an estate sale proceed?

An estate sale follows the same process as an ordinary sale but may involve additional steps. For example, heirs or the executor may need to obtain court approval to sell certain assets, especially if there are disputes among heirs or complex issues regarding the assets. Additionally, estate sales typically occur without a legal warranty of quality and are the sole responsibility of the buyer. Indeed, since the estate does not have in-depth knowledge of the property, it prefers to absolve itself of any liability related to potential defects or issues.

Is there tax to be paid on estate property?

In general, if it is the deceased’s primary residence, there will be no taxes on capital gains to pay. However, if the estate property is a secondary residence (cottage or income property), it is subject to tax.

Do renovations need to be done on the property before listing it for sale?

It is not essential to undertake major renovations, but it may be necessary to carry out some minor repairs. Additionally, it is essential to ensure that the property is clean, well-maintained, and that the outdoor landscaping is tidy before listing it for sale.

Does the property need to be emptied before listing it for sale?

Some heirs may consider emptying the property to complete the grieving process. However, it is generally not advisable to empty the house before the sale, as an empty house may not be appealing to potential buyers. If some items clutter the space or are in poor condition, it may be wise to remove or replace them. It is rather recommended to use different sales techniques such as depersonalizing the space and home staging to showcase the property and facilitate its sale.

If the property is vacant, don’t worry, we have the option to virtually stage the rooms.

What are the mandatory documents for an estate sale?

Documents for the sale of a property - Real estate brokers Montreal

The sale of a property involves various mandatory documents. In the case of intestate succession, where there is no will, court authorization is required. For testate succession, the first step involves obtaining a transmission declaration for real estate. Prepared by a notary, this document certifies the transfer of ownership and is registered with the Land Registry of Quebec. Several elements are necessary for its preparation:

-A death certificate;

-A deed of sale to demonstrate that the deceased owned the real estate;

-A location certificate;

-If applicable, a will.

What other advice would you offer to facilitate the purchase of an estate sale?

I strongly advise conducting a thorough inspection when buying a property from an estate, as these houses often remain unoccupied for a certain period. Having remained vacant for an extended period, the property has been exposed to weather conditions and climatic changes without being used, which can lead to various problems.

It is also important to note that insurance companies generally do not cover unoccupied houses, or the insurance premium may be significantly higher for this type of property.

Additionally, since the liquidator or heir is usually not the primary owner of the property and often does not reside there, the information in the seller’s declaration may be limited. Your real estate broker can check the property’s history, advise you to seek experts if needed, and guide you through the purchasing process.

An estate sale requires a precise understanding of legislative processes and documentary requirements, whether intestate or testate. Involving additional steps, it requires careful preparation, especially in terms of documentation and property presentation. A thorough inspection is essential to identify any potential issues, as estate houses often remain unoccupied. Your real estate broker will be there to support you and provide the necessary advice throughout the estate sale process.

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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

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]]> What are a seller’s options when receiving a purchase offer? https://yanicksarrazin.com/en/immobilier/properties-for-sell/what-are-a-sellers-options-when-receiving-a-purchase-offer/ Tue, 08 Aug 2023 16:39:12 +0000 https://yanicksarrazin.com/?p=44457 A seller’s options when receiving a promise to purchase The process of putting a property up for sale can be a source of anxiety for sellers. Some tend to think that a promise to purchase (offer to purchase) is definitive, unaware that several options are available to them if the proposed conditions are not met. […]

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A seller's options when receiving a promise to purchase

The process of putting a property up for sale can be a source of anxiety for sellers. Some tend to think that a promise to purchase (offer to purchase) is definitive, unaware that several options are available to them if the proposed conditions are not met.

In this article, our Montreal real estate brokers discuss the seller’s options when receiving an offer to purchase.

Seller's options when receiving a promise to purchase

1. Accept the offer (Promise to Purchase)

If the seller accepts the offer, he or she agrees to sell the property at the price and under the conditions stipulated in the offer. A sales agreement may be concluded, and the seller will generally be required to sign the sales contract to formalize the transaction.

2. Reject the offer (Promise to Purchase)

If the seller refuses the offer, negotiations come to an end, and the buyer will not be able to acquire the property at the price and under the conditions of the rejected offer. The seller can then continue to look for other buyers or wait to receive new offers.

3. Make a counter-proposal

By making a counter-offer, the seller proposes to modify certain aspects of the initial offer, such as price, closing dates or other conditions. The buyer can then accept, reject or make a new counter-offer. This negotiation process can continue until both parties reach an agreement or decide to terminate the talks.

An important legal step to understand

It is essential that the seller fully understands the legal implications of each decision. Once an offer is accepted and an agreement reached, the seller is generally bound by the sales contract and must comply with the agreed terms. In cases of uncertainty or complexity, it is advisable to consult a real estate broker or lawyer for advice tailored to the specific situation.

Questions about the offer to purchase? Contact one of our real estate brokers

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]]> Understanding the difference between municipal assessment and market value https://yanicksarrazin.com/en/immobilier/properties-for-sell/understanding-the-difference-between-municipal-assessment-and-market-value/ Thu, 04 May 2023 18:00:30 +0000 https://yanicksarrazin.com/?p=40772 When buying or selling a property, one of the first questions that arises is the selling price of the property. Whether you are a seller or a buyer, there are certain concerns that arise. As a seller, you want to make sure that your home is going to be sold at its fair value based […]

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When buying or selling a property, one of the first questions that arises is the selling price of the property.

Whether you are a seller or a buyer, there are certain concerns that arise. As a seller, you want to make sure that your home is going to be sold at its fair value based on certain factors. As a buyer, the questions are similar, we want to make sure we pay the right amount without having to pay the extra dollar.

Many buyers and sellers tend to rely on the municipal evaluation to determine the value of a property. Is this the best way to establish the price of a property for sale or for purchase?

Our real estate brokers will try to answer this question in this article.

The distinction between municipal assessment and market value

What is a municipal assessment and how is it calculated ?

As the name implies, a municipal assessment is an estimate of the value of a property made by the municipality in which the property is located, such as the City of Montreal. This assessment is used for the purpose of calculating property taxes and is carried out by certified appraisers, who use public data as well as information from the owners to determine the value of a property.

It is important to note that assessors do not visit every property in a municipality. They use quantitative data and several advanced software programs to perform their evaluations. As a general rule, the value will be calculated in blocks of comparable homes, which means that the price of the property will be estimated based on similar properties in the area. Among the hundreds of factors used by these appraisers are: location, type of property, lot size, living area of the property, year of construction, number of bedrooms and bathrooms, presence of a finished basement and many others.

However, despite the fact that this evaluation is done by professionals in the field, it represents a rough estimate rather than a sure value.

Above all, it is important to know that the municipal assessment is valid as of July 1st, 18 months before the city’s assessment roll comes into effect, and is only reproduced every 3 years.

Thus, it represents a past value and is not current information in the real estate market, which is in constant movement. For example, disruptive factors such as rising property prices, rising interest rates or the onset of a global pandemic can affect the value of this assessment.

The municipal assessment is therefore not the benchmark for setting a sale price for a property, such as a house, an income property or a condominium. As mentioned earlier, its primary use is to calculate the property taxes that owners will have to pay.

Generally speaking, the municipal assessment is lower than the market value. That said, if a property owner feels that their municipal assessment is too high, they can apply for a review within a specified time frame.

So how do you deduct the value of a property? What assessment should you rely on to determine its fair price?

Market value : definitions and factors that influence it

Market value is the most probable price that can be obtained for the sale of a specific property on a specific date, in the context of the current real estate market.

A market value appraisal is performed by licensed appraisers. Our real estate brokers  will conduct a similar market study to determine a selling price based on an estimated market value.

Unlike the municipal evaluation which is done as a mass evaluation in a given area, the market value takes into consideration all aspects of the home, such as its location, condition, size and unique features. The principle of market value therefore guarantees the visit of the property and allows to highlight the improvements and renovations made in the property to estimate the price.

It also takes into account the current trends and constantly fluctuates according to the supply and demand of the real estate market.

The appraiser will also compare the property to other similar properties and to recent sales in the area in order to get a fair approximation of the property’s market value.

Finally, the most important thing to remember about market value is that it takes into account the realities of the current real estate market, unlike the municipal evaluation, which tends to represent a past and inaccurate value, and is therefore not a reliable indicator for setting the sale price of a property.

Using market value to sell your property

The market value, because of its precision of place and time, appears as the most reliable indicator to know the value of your property. Requesting an estimate from a professional can therefore be useful to get an idea of what you could get for your property on the market, if you decide to sell it.

In conclusion, municipal assessment and market value are two different terms that have important implications for homeowners. Understanding the difference between the two can help you make informed financial decisions about your property.

Any questions about municipal assessment or market value ? Contact one of our real estate brokers to find out more.

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]]> Sellers and buyers: what are the costs to pay at the notary and the mandatory documents to provide? https://yanicksarrazin.com/en/immobilier/seller-information/sellers-and-buyers-what-are-the-costs-to-pay-at-the-notary-and-the-mandatory-documents-to-provide/ Wed, 19 Apr 2023 20:18:23 +0000 https://yanicksarrazin.com/?p=39526 Sellers and buyers: what are the costs to pay at the notary and the mandatory documents to provide? – Key information In a real estate transaction, going to the notary is the last step in formalizing the sale of a property. Signing the act of sale can cause some anxiety, excitement and many questions. Since […]

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Sellers and buyers: what are the costs to pay at the notary and the mandatory documents to provide? - Key information

In a real estate transaction, going to the notary is the last step in formalizing the sale of a property. Signing the act of sale can cause some anxiety, excitement and many questions.

Since our real estate brokers accompany many clients in this last important step, whether for the sale or purchase of their property, our members want to help you better distinguish all the subtleties of the transition to the notary. Documents required at the various costs involved: this major step will no longer have any secrets for you!

The role of the notary

In a real estate transaction, the notary holds a neutral and central role. He/she must respect the rights of both the seller and the buyer. His/her tasks are many: 

 • The notary will receive the promise to purchase, examine the title deeds, the seller’s certificate of location, if applicable, the marriage certificate or the divorce certificate.

 • The notary will write the deed of sale of the property, making sure that the facts are true in the promise to purchase. It is the signing of the bill of sale that formalizes the sale.

 • The notary will write the mortgage deed. This is a document detailing all the components of the buyer’s loan (loan principal, interest rate, amortization period, etc.) related to the financing of the property. The notary verifies that the provincial and municipal taxes have been paid and that the mortgage balance has been paid in full by the seller. This will result in the seller’s mortgage being written off.

 • The notary then publishes the deed of cancellation in the land register. The land register is a report that determines the property rights. The deed of cancellation in the land register then allows the suppression of the right of ownership and then, its sale.

Required documents

During the visit to the notary, different documents will be requested.

For the buyer and seller

• Two pieces of identification that are valid, including one with a photo (e.g., driver’s license, health insurance card, passport, birth certificate, etc.),

• The detailed contact details of the parties,

• A marriage contract if you are married

• A judgment and divorce certificate if you’re divorced,

• A court file number if you are in the process of divorce.

For the buyer

• Mortgage instructions from your financial institution

• Proof of home insurance

For the seller

For more detailed information on these many mandatory documents when selling, see this article.

• The bill of sale,

• The mortgage deed,

• The certificate of location,

• Act of transmission if it is an estate,

• Statement of school and municipal taxes.

Montreal, typical victorian house with exterior staircase in the Plateau Mont-Royal district in autumn

Documents specific to different types of properties

Divided co-ownership

• The declaration of co-ownership

• The DRCOP (Request for information to the syndicate of co-ownership). This document is completed by the union to ensure there is no arrears, special dues or other necessary information on the property.

Undivided co-ownership

• Joint ownership agreement

Plexes: duplex, triplex, quadruplex (...)

• Leases

• Notices of renewal or non-renewal

Fees payable to the notary

Fees are also involved in the transaction and will have to be paid by the buyer and seller.

Costs incurred by the buyer

• The chain of title to a property. 

• Analysis of the certificate of location

• Copies of the bill of sale

• Preparation of allocations (e.g., school and municipal taxes, condo fees, revenues, heating oil)

• Registration in the land register of the deed of sale and the mortgage deed

• Notary fees (notary fees vary depending on the type of property, as well as its value)

Costs incurred by the seller

• Title correction (if required)

• Mortgage discharge:

○ Application to the creditor of the statement of account for repayment

○ Preparation of the mortgage discharge

○ Sending the draft discharge and repayment to the creditor

• Verification of taxes (municipal and school taxes)

• Administration of money in trust:

○ Preparation of cheques to various parties (real estate broker, land surveyor, mortgage creditor and payment of municipal taxes)

○ Preparing the transfer of funds to the mortgagee for repayment

• Bank transfer sales product:

○ Preparation of a bank transfer for the sale product and scan the confirmation into a file

○ It should be noted that picking up your cheque by hand avoids this cost

• Taxable disbursements (e.g., school and municipal tax audits)

• Notary fees: the notary’s hourly rate varies depending on the notary’s expertise and the urgency of the situation

In the case of a co-ownership

• Communication with the co-ownership manager or syndicate 

○ Obtaining information relevant to the transaction (condo fees, union compliance, etc.)

○ Obtaining a copy of the syndicate co-ownership

○ Payment of condo fees, if applicable.

○ Sending information to transfer the Syndicate

In some situations, the notary may incur unexpected additional charges. This is important to expect. A popular example of additional costs is title insurance.

• Title insurance: title insurance is a damage insurance. When the notary examines the securities and the certificate of location, he/she can detect irregularities (risks). If the transaction takes place soon and there is not enough time to correct these irregularities, the notary can then find a title insurance provider to cover these risks. It is the buyer who will be the insured and the seller who will have to assume the payment of the premium due to the right of ownership to which he/she is bound.

Notaire-Courtiers Immobiliers Montréal

Your real estate broker at your side

Don’t forget that your real estate broker is always at your side, even during the transition to the notary. If misunderstandings arise before, during or after the notary, do not hesitate to let your real estate broker know in order to clarify everything. 

With this information in hand, whether as a buyer or as a seller, we hope that your transition to the notary takes place with confidence!

Summary

The sale of a property is formalized by signing the act of sale with the notary. However, documents are mandatory for both the buyer and the seller. For example, during the visit to the notary, each party is asked for two pieces of identification and, if necessary, marriage or divorce certificates. For the buyer, mortgage instructions from the financial institution as well as proof of home insurance are required. For the seller, several documents are necessary such as previous sales documents, the mortgage deed, the certificate of location and others.

In addition, fees must be paid by the buyer and seller. These fees differ. Among the costs incurred by the purchaser is the registration of the deed of sale in the land registry and the mortgage deed. At the seller, one of the fees is a mortgage discharge. 

Although this last stage of the real estate transaction can be complex, know that your real estate broker is there to accompany you and answer your questions. Let him/her know your concerns. He/she’s here to provide his/her expertise. 

Questions about going to the notary? Contact one of our real estate brokers to enlighten you on the subject.

Consult other real estate news

L’article Sellers and buyers: what are the costs to pay at the notary and the mandatory documents to provide? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Real estate | 5 seductive tips for the sale of your property https://yanicksarrazin.com/en/immobilier/montreal-real-estate-broker/real-estate-5-seductive-tips-for-the-sale-of-your-property/ Fri, 11 Feb 2022 17:36:11 +0000 https://yanicksarrazin.com/?p=24093 5 tips for the sale of your property – Key informations The sale of a condo, house or plex is an important step for anyone and requires preparation. Indeed, a property must be well prepared for sale in order to arouse any interest: the first impression counts. After all, buying a property often goes through […]

L’article Real estate | 5 seductive tips for the sale of your property est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

5 tips for the sale of your property - Key informations

The sale of a condo, house or plex is an important step for anyone and requires preparation. Indeed, a property must be well prepared for sale in order to arouse any interest: the first impression counts. After all, buying a property often goes through a lightning bolt or falling in love with different characteristics of the latter.

With the arrival of Valentine’s Day and the current real estate bustle, our team got together and spoke with the Metro Journal to establish 6 practical tips essential to seduce potential buyers. These tips have the specific purpose of achieving the desired effect, namely the sale of the property. To discover these 6 tips, consult the Petit Guide de Séduction immobilière.

In order to further entice potential buyers when visiting your property, we have established 5 additional tips. Here is their overview:

Practical tips for the sale of your property

1. Clean up the property

Cleanliness is an important determinant in the success of selling your property. A clean property is more attractive. Every room should be carefully cleaned. You have to be sure to empty the garbage cans, clean the floors, make the beds and dust the furniture. Closets are not to be neglected either, as potential buyers could be curious and open them during visits.

In a property, the kitchen and bathroom are rooms where extra attention should be paid. These pieces are naturally more ‘combed’ because of their utilitarian character and must then be immaculately clean.

Cuisine lumineuse et moderne Montréal

2. Depersonalize spaces

To seduce a buyer is also to make sure that he/she can imagine living in said property. Depersonalization is essential and refers to removing elements that may harm the sense of belonging of the potential buyer. For example, remove family photos or travel souvenir frames from walls. Your clothes or shoes should not be lying around the property either. It is then important to create a neutral environment where the buyer will be comfortable and ‘feel at home’.

Salon lumineux à Montréal

3. Focus on home staging

Home staging is a method to improve the ergonomics and aesthetics of a room. This technique includes moving furniture, adding decorative elements to the room or rearranging the entire space to make it more welcoming. Your real estate broker has the knowledge in this area and can help you to carry out an efficient and attractive home staging for the buyer. Don’t hesitate to ask your real estate broker for advice!

4. Offer a haven of serenity

The seduction of a buyer also depends on the calm he can experience during his/her visit. Make sure the windows are properly closed, the radio is turned off and your neighbors are not undergoing major renovations. A calm environment inspires trust and is then much more seller for a buyer.

5. Have your pets looked after

Pets are very cute, but they can sometimes create unfortunate situations. For example, during visits, a potential buyer may be uncomfortable with the presence of an animal or even allergic. Whenever possible, keep your pet with a loved one or bring it with you during visits to avoid unpleasant situations.

With these 5 handy tips for selling your property, the seduction of your buyers is almost guaranteed. It is now the turn of the expertise of your real estate broker to ensure his/her love at first sight!

Our team has established 5 practical tips to seduce potential buyers during the sale of his property: do the big cleaning, depersonalize the spaces, bet on elements of home staging, provide a tranquil environment and if you have pets, if possible, have them kept. For tips inspired by Valentine’s Day, we invite you to read our article published in the Metro Journal!

Contact one of our real estate brokers to assist you in the sale of your property

Consult other real estate news

L’article Real estate | 5 seductive tips for the sale of your property est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> What are the required documents for the sale of a property ? https://yanicksarrazin.com/en/immobilier/montreal-real-estate-broker/what-are-the-required-documents-for-the-sale-of-a-property/ Mon, 02 Aug 2021 15:37:27 +0000 https://yanicksarrazin.com/?p=18659 Required documents for the sale of a proprety – Key Information 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 […]

L’article What are the required documents for the sale of a property ? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

Required documents for the sale of a proprety - Key Information

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.

Mandatory documents for the sale of a proprety

The certificate of location

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.

The deed of sale

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 deed of loan

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

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.

Specific documents

Divided co-ownership

Declaration of co-ownership

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.

Financial Statements

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.

The minutes

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.

Undivided co-ownership

The Undivided Agreement

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.

Plex : duplex, triplex, quadruplex (...)

Leases

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.

Notices of renewal or non-renewal

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.

Contact one of our real estate brokers

L’article What are the required documents for the sale of a property ? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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