TIPS

everyone should know before buying or selling a home in Québec

1.

Different legal system = different process.

In Québec, if a property Is listed for sale with a realtor, only a realtor can prepares the legal paperwork necessary to make a promise to purchase (offer).

In Québec we use a notary not lawyers for real estate transactions. When the offer is accepted and all conditions are waived, the paperwork then is sent to a notary, chosen by the buyer, who works on behalf of both the buyer and seller to ensure that both parties are protected.

2.

Choose your agent early.

It's always best to visit homes with the agent who will eventually represent you when you decide to make an offer. If you are visiting a home without your broker, be sure to communicate that early and often to the listing broker who represents the seller.

Tip - In Quebec, the listing broker can help you complete the paperwork necessary to make an offer on a property, but cannot advise you strategically about the seller's motives or share with you any of the seller's confidential information.

3.

The financing condition is mandatory with all offers.

In Ontario the buyer can waive the financing condition at any time. In Québec, the law states that the proof of financing must come from the lending institution, or the buyer must provide proof of available funds.

This is an important difference as more time may be required to ensure that the bank has all the buyers required financial papers, has time to do an appraisal if necessary, and then produce a letter.

TIP- it’s especially important to be prequalified before you shop, and I recommend doing so with mortgage specialist who mostly works in Québec as they understand the process much better.

4.

Québec law:

In Québec the law states that all properties listed with a realtor must have a signed detailed sellers declaration form as well as an up to date certificate of location (detailed survey) provided at the seller cost.

Surprisingly, this is not the case for private sales. Unless the property is a vacant lot, this should never be overlooked or negotiated.

5.

Certificate of Location (detailed survey)

A Certificate of Location or detailed survey is a legal requirement when selling a property in Quebec. It is the seller's responsibility to provide an up-to-date certificate of location which ensures that the property conforms to local, municipal and provincial bylaws.

6.

Conditions on an offer

The offers you receive on the property you're selling will often come with conditions from your potential buyers, many of which you'll need to prepare for in advance.