Quebec Laws Make Transacting Real Estate Safe. Our Troubles We Cause Ourselves In Montreal, Quebec, we have a rigid process for residential property sales governed by the province (ACAIQ) with 7 mandatory forms that cannot be altered at all. That along with a clear process for buyers and sellers to follow from the seller's listing Brokerage Contract to the buyers  Promise to Purchase including a form buyers must complete outlining exactly when and how they plan to finance the purchase and clauses on what the rights of the seller are and how to proceed should the buyer not get their financing within the agreed upon delay. The seller must provide full disclosure on their property when listing it. We track the identity of the buyer and seller. We track where the buyer's cash is sourced in ... 12/30/2009

Choosing An Agent Or Falling Over One? The Cost Rests With The Client! Westmount, Quebec Quite simply:       - If the client uses the quick reference from a friend and does not question the referred agent, they have just fallen over one.       - If they see an agent's signs often and draw the conclusion this is a good agent, then again they have fallen over one. My best clients are those I find, pick up off the ground, dust off and clean up after they have had a bad experience. They are also the ones who did not do their research. So, why don't clients research their real estate agent? For many reasons I am sure. I think the nature of selling someone's personal, and I mean very personal property and space factors in here. In our industry there is little control of how an agent conducts ... 12/23/2009

"Declarations By The Seller" Form When Selling, Move Forward, Don't Look Back   When my clients are ready to sell in Westmount or NDG and other sectors I serve, I have them complete our "Declarations by the seller of the immovable" form to reduce potential disputes. This verification tool helps both the agent and sellers identify existing and past issues on the property. Unfortunately, the absence of adequate verifications by agents becomes a frequent source of requests for assistance received by our provincial association, the ACAIQ*. Consumers are not always made aware that agents have a duty to verify all information regarding the property they are contracted to sell; and as well, that sellers must fulfil their disclosure obligations when selling. The form "Declarations by the seller... 11/24/2009

Legal Warranty When Selling A Property A legal warranty when selling a property is attached to the property in Quebec and sold with a warranty of ownership and quality. The Quebec Civil Code (QCC) addresses home owners who sell their property that they must warrant a property is free from any defect in title (ownership) and any latent defect (quality), except those declared before the sale. I ask my clients to consider this before lifting the warranty of quality when selling. It is a condition I have found adds a level of difficulty to the sale of the property. Especially in residential housing, first-time buyers get queasy and wonder what is not being said and what elevated level of risk they might expose themselves to by buying such a property. It is more common to see this done when ... 11/24/2009

Has Your House Been On Market Too Long? Will It Sell? When? Westmount, Quebec The first barometer on the market is whether these is buyer interest or a number of visits. Second, have there been any buyer offers and last, have you had any accepted offers? As the market is always changing, and given the factors at play, the best agents will provide you a likely selling range and timeframe given market conditions, area activity and your home condition when you go to market. While properties just need that one buyer to find them, an overpriced listing will sit and grow stale. This seller will wait for the market to elevate itself, to reach their price. If a property is priced too low, some buyers will wonder what is wrong with the property, speculators and renovators will jump at the opport... 10/28/2009

Intergenerational Properties Becoming more common are children inviting their parents to move into their home providing as much independence as possible. These properties have of recent been identified within the real estate community as Intergenerational properties. An Intergenerational Property includes an additional dwelling that allows for home-sharing between parents and children and does not usually generate revenue. A revenue property is a single-family residence that has a rental unit that brings in additional revenue for the owner. On the Montreal Island, I have seen converted basements added kitchens, patio doors and elaborate bathrooms mostly. Off island or on occasion in town the garage is converted or another dwelling on the property is used. If you seek to create or purcha... 10/13/2009

  Condominiums: What Are The Types Of Co-ownership In Quebec?   The term Condominium is used in Quebec to describe shared co-ownership. There are 2 categories set out by the Quebec government with very distinct differences. Divided co-ownership is the right of ownership held by many people ("co-owners"). Each co-owner owns a fraction (%) of the property that is physically divided into a private portion and a share of the common portions. The private portion is typically determined from the gyprock walls inward. A condo association ("syndicat" in French) is established to govern the building's common areas and to set rules of conduct and process. The government has fairly strict rules on how divided condo associations must manage the building and owner relationships. Undivided co-ownersh... 09/29/2009

Pricing A Home To Sell Or To Secure A Listing? Has it been suggested your home will sell for more? What facts have been given to support that sales price? What factors and who will determine the final sale price? While the answer is not an exact science, reliable factors have influence as do the buyers who set the final price. Established agents know prices in their sector, but can they explain them to you and make it all add up? Factors such as market state (buyer, balanced, seller), property location, property condition and type, décor and motivations will affect the final sales price. For example, if a seller is caught and absolutely has to sell, the motivation to sell for less exists. Likewise, if a buyer absolutely has to buy, then they will likely be willing to pay more. These can... 09/18/2009

Inspection Delays On A Promise To Purchase In Quebec, mandatory forms are prescribed for the sale of residential real estate. The request for a Buyer's inspection is provided by a clause that our laws help define. Buyers and Sellers have to agree on, as part of the negotiating process, the number of days delay to allow the Buyer to complete the inspection and inspection report review. Buyers should be careful when deciding on the delay to specify in an inspection condition when writing a Promise to Purchase. The delay should be long enough to allow for negotiations if repair work is identified during the inspection. For example, if you request 7 days total in the inspection clause, the inspection is performed on day 5 and it takes 2 more days to receive the report, then, according to ho... 09/02/2009

Clients rely On Professional Advice? What Does It Mean To Them?   Why won't clients take the professional's advice. My experience has shown that many clients feel they have difficulty getting "the right" information and advice to make informed choices in all aspects of their real estate transactions. I am addressing residential and new income property clients, my field of focus. Clients choose to use the services of agents, inspectors, loan officers, notaries, et al who present a daunting volume of knowledge clients don't/won't/cannot/should not engage themselves to learn. They rely on us to provide the "best" advice. And, as they have difficulty expressing what they want, we can often miss meeting expectations. We all know what can happen then. So how can I / we help clients meet their... 04/02/2008

Montreal Market Statistics November 2007 Westmount, Cote St. Luc, Montreal-Ouest, Notre Dame-de-Grace Market figures are from the Greater Montreal Real Estate Board's (GMREB) Multiple Listing Service (MLS) database. The Month's Inventory along with year to year comparison of sold properties represent market conditions. Statistics are presented by property type as individual homes, condominiums and multi-unit (plex) properties have different selling cycles. It is important that my clients know market conditions and understand the market. Misinformation is common in the real estate industry and can be a disservice to clients making decisions on faulty information. I compile more complete information than can be exhibited here that can aid in decisions when buying and or selling. As my cli... 12/01/2007

Montreal Market Statistics October 2007 Westmount, Cote St. Luc, Montreal-Ouest, Notre Dame-de-Grace Market figures are from the Greater Montreal Real Estate Board's (GMREB) Multiple Listing Service (MLS) database. The Month's Inventory along with year to year comparison of sold properties represent market conditions. Statistics are presented by property type as individual homes, condominiums and multi-unit (plex) properties have different selling cycles. It is important that my clients know market conditions and understand the market. Misinformation is common in the real estate industry and can be a disservice to clients making decisions on faulty information. I compile more complete information than can be exhibited here that can aid in decisions when buying and or selling. As my clie... 11/06/2007

Moving to Montreal? What's Different Here? Buying and Selling near the center of Montreal Island Montreal is a wondrous city filled with tolerance and is a unique oasis within Canada and North America. Understanding Real Estate properties near the center of the island of Montreal is very different than buying and selling property in the West and East end or off island. I help buyers and sellers in Westmount, NDG (Notre-Dame-de-Grâce), Montreal West (Montreal-Ouest), downtown, (Centre-Ouest), Outremont, Le Platreau, Mile-End, and on Nun's Island (Île des Sœurs). Buyers and Sellers should be careful when selecting an agent to work with to buy or sell near the center of Montreal where older housing requires special care and knowledge. I inform my clients of the construction in the time per... 06/22/2007