Purchase and Sale of Property in Gatineau and in La Pêche
A real estate transaction involves many steps, and your notary at Nadeau et associées will be there to guide you through them all so that the purchase or sale of your property is completed without problems. Many types of professionals can be useful during these types of transactions. For example, you may require the services of a mortgage broker, a land surveyor and a building inspector. Your notary will work with you from the beginning to the end of the transaction to provide you with advice and answer your questions throughout each of the steps.
We offer the following services:
Purchase and Sale
The purchase or sale of a property begins with a preliminary contract, the promise to purchase, which is presented by the purchaser to the seller. Once this document is signed, it is binding upon the parties with respect to the conditions indicated therein. In light of the importance of this document, do not hesitate to consult your notary before presenting a promise to purchase. Your notary can clarify and explain the conditions and guide you toward reflecting on certain conditions applicable to your specific situation. You can also ask your notary to draft this agreement for you.
In addition to examining the deeds for the property in question and ensuring that it is free of any and all liens before the transaction, your notary will also proceed with the following:
- Study the case:
- Certificate of location
- Specific condition of the property
- Promise to purchase
- Mortgage agreements
- Co-ownership documents, as applicable
- Preparation of legal documents and deeds
- Calculation and monitoring of the adjustments between the purchaser and the seller (including municipal and school taxes, condo fees, collected rents, as applicable, etc.)
- Payment on behalf of the purchaser of the amount of the purchase price, all mortgage debts related to the property and all fees directly related to the transaction (including the fees for the real estate broker, the land surveyor and any arrears related to real estate taxes, as applicable)
Your notary is also responsible for asking you the right questions in order to adapt the deeds to your specific legal situation, explaining the deeds that you are signing to you and informing you of the consequences.
At Nadeau et associées, notaires, our goal is to see that the purchase or sale of your property is an enjoyable and worry-free experience for you, and that it is carried out as quickly as possible, ensuring that you fully understand every aspect of the transaction. We also ensure that there will be no problems when the time comes for you to sell your property.
Mortgage and Discharge
If you own a property and you decide to finance it by taking out a new real estate mortgage, your notary can effectively guide you through all of the related procedures. If the property is already mortgaged, your notary at Nadeau et associées will take care of reimbursing the balance of your mortgage loan and the applicable penalty, if there is one, along with the available balance in light of your new loan. Your notary will also obtain a discharge from your former debtor and publish it in the real estate registry in order to free your property from the old mortgage.
The discharge is a document through which the debtor frees the property that was assigned as collateral. This document is required every time a real estate mortgage loan is terminated, or in other words, when it is paid in full. Examples include:
- When you sell your property
- When you refinance a mortgage
- When you have paid your mortgage loan in full
Your notary will obtain the discharge from the debtor and publish it in the real estate registry in order to remove the mortgage from the index for your property and free it.
Transfer Between Spouses
Whether within the context of a developing conjugal relationship where one spouse who is the sole owner of the house where the couple lives decides to transfer some of the property rights to the other spouse, or within the context of a separation where both spouses own the home and one decides to purchase the rights belonging to the other and remain the sole owner, your notary at Nadeau et associées has a significant role to play.
Adding a Name to the Deed for the Property
In this case, the objective of the assignment or sale between spouses is to add a co-owner to the deed for the property so that the home will be in both spouses’ names. This type of assignment may be done for the purpose of protecting the new spouse and the investment this individual makes to the maintenance of the property, for example. Your notary can advise you to include specific clauses into the deed of transfer in order to take into account the first owner’s investment in the property. The property will be indivisibly owned by the two co-owners, and therefore, a specific indivision agreement can be included in the deed of transfer. If your property is already bound by a real estate mortgage, you must consult the financial institution that holds the mortgage before proceeding with the transfer.
Removing a Name from the Deed for the Property
In the case of a separation, one of the spouses may decide to keep the couple’s house as sole owner. This may be accomplished through a monetary payment, as part of a separation agreement or even as a free gift, depending on the agreement reached by the parties. If the home is bound by a mortgage, the existing mortgage must be terminated and a new mortgage loan must be arranged in the name of the remaining owner, if necessary. In some cases, the old mortgage, which was in the name of both spouses, may be assumed by the remaining owner and the institution may agree to free the other spouse of any responsibility without terminating the mortgage and arranging for a new one. In all cases, this type of transfer must be carried out while both spouses are still living on the property, or within a short time after the separation, if possible, in order for certain tax considerations to be respected.
The territory located inside an agricultural zone is subject to the Act respecting the preservation of agricultural land and agricultural activities, and the use of any subdivision of property is subject to certain restrictions. Your notary will examine your situation and your projects and explain the options that are available to you within the context of the application of the legal restrictions. In some cases, such as the sale of a portion of the property or a residential construction project, your project may involve requesting authorization from the Commission de la protection du territoire agricole du Québec. Your notary at Nadeau et associées can assist you in this process and prepare the required documents in order to maximize your chances of a successful project.
With our excellent and constantly updated knowledge in the area of municipal law, we can assist you if you are having problems with your municipality. Thanks to our many years of operation in the city of Gatineau, we are very familiar with the applicable by-laws here and in all other cities within the Outaouais region. We will help you to understand your rights and your obligations by explaining them in simple language.
At Nadeau et associées, notaires, all documents are prepared in accordance with applicable standards. Whether you are purchasing or selling a property, you can benefit from our expertise.