4 TIPS

every buyer from Ontario should know before buying 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.

Understand that if you make an appointment to visit a house and then decide to make an offer on that house, the agent who showed you that house first will be paid as the selling agent.

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.