Buying a property in Québec: the steps, from pre-approval to getting the keys
Pre-approval, promise to purchase, inspection, financing, notary: here is how a purchase unfolds, step by step.
Before visiting: pre-approval
Before you start visiting, meet with your financial institution or a mortgage broker. Pre-approval sets how much you can borrow, holds a rate for a period of time and makes your offer credible.
Also plan for costs on top of the price: transfer duties (the “welcome tax”), notary fees, inspection and tax adjustments. Your broker can estimate them for the property you are considering.
The promise to purchase
When you find the right property, your broker drafts a promise to purchase on the mandatory OACIQ form. It sets out the price offered, the occupancy date, inclusions and exclusions, and above all the conditions: financing, inspection, review of documents (seller’s declarations, condominium documents).
The seller can accept, refuse or make a counter-proposal. Your broker advises you on strategy based on the local market.
Inspection and financing
Once the promise is accepted, deadlines start running. The pre-purchase inspection helps detect visible problems; for a condo, reviewing the syndicate’s documents (minutes, contingency fund, fund study) is just as important.
At the same time, your lender appraises the property and confirms financing. When all conditions are met, the sale becomes firm.
At the notary
The notary checks the titles, prepares the deed of sale and the hypothec, then receives the funds. After signing, you receive the keys on the date set in the promise to purchase.
And if you bought with a CENTURY 21 Collection broker, our moving truck is available to you at no charge.
Have a project in mind?
Talk to a CENTURY 21 Collection broker.