Le Courtier du Nord : Blog

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The Notary Knows

with Michel Labrèche, LLB., D.D.N.

Whether buying a new home, a condominium or even a country home, all real estate transactions require a thorough analysis of the conditions of sale surrounding this major investment, regardless of the type of project.

The “situs” (the geographic location or region) of the proposed project should be the primary concern of any buyer, whether they are planning to built their dream home, or simply making an investment that they hope to profit from at some point in the future.

In the Laurentians, waterfront, a land with a panoramic view (land located on a mountainside, for example) or properties situated in one of the higher-end developments – such as those built around a golf course – seem to have the most appeal for those who want to settle down “up North”.

Whether building a principal residence or a secondary home, buyers should always take the investment value and the possibility of a future resale into account when considering the location of a property. Choosing a good “spot” is as much about the value it adds to the future property as it is about personal preference.

For property owners up North, the average value of property in the Laurentians has increased by about twenty-five (25%) over the course of the past 5 years, depending of the property, even in this “slow” economic situation.

Property located on a riverside or lakefront is more and more difficult to find and still remain a privileged choice as Mother Nature can’t create any more of this highly coveted land.

The land topography, the proximity of services (electricity, telephone, cable, etc…) the possibility to construct roads to access certain portion of your land, and the number of linear feet on the waterfront, all constitute the most important factors in establishing the acquisition price.

In conclusion, more and more residential projects are being carried out by developers in order to make the most of the ideal conditions offered by the Laurentians.

For more information, please see www.monlac.com and www.thenorthbroker.com or call: 450-227-6229/ cell.514-688-3131

About the Author:

Me Michel Labrèche. This column was prepared by Mtre Michel Labrèche, notary, practising in Saint-Sauveur-des-Monts and Laval since 1983. Me Labrèche is also the president of Domaine le Sanctuaire des Lacs. For more information please see www.monlac.com.

The Notary Knows

with Michel Labrèche, LLB., D.D.N.

Whether buying a new home, a condominium or even a piece of property, all real estate transactions involve monetary adjustments on the part of all parties during the final meeting with the notary.

Three days prior to the transaction, the notary will ask the buyer to bring a bank draft for both the cash down and the necessary adjustments to conclude the transaction.

The adjustments include, among other things, municipal and school taxes. In effect the buyer must reimburse the seller for amounts, which have already been paid. The costs to fill the oil tank (in the case of a rental property), any rent that the seller agrees to pay the buyer should he or she continue to liver in the building for a period of time, interest in the case where a mortgage is to be assumed, and special changes (eg. Condo fees) will also be included in the adjustments.

Whether it is the seller or the buyer who owes a sum to the other party, the amount will be credited to or debited from the net amount of the transaction before calculating the final amount owed by the buyer. The calculation of the adjustments will also take the buyer’s down payment and the amount of the mortgage into account.

The notary will determine all amounts owed by the seller such as taxes in arrears, mortgage to be reimbursed, real estate commission, aquittance fees, new land survey certificate etc and pay them from the amount received in his trust account.

In any case, the notary will provide all parties with a document detailing all distributions, showing an accounting of all amounts to be adjusted between the buyer and the seller, to ensure that all parties have a thorough understanding of the
monies to be exchanged.

For more information, please see www.monlac.com and www.thenorthbroker.com or call: 450-227-6229/ cell.514-688-3131

About the Author:

Me Michel Labrèche. This column was prepared by Mtre Michel Labrèche, notary, practising in Saint-Sauveur-des-Monts and Laval since 1983. Me Labrèche is also the president of Domaine le Sanctuaire des Lacs. For more information please see www.monlac.com.