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THE PURCHASE AND SALE OF PROPERTYPurchasing
a property means above all to be well-informed
Should you wish to purchase certain consumer goods, such as
a television set or a household appliance, the information
received from those around you will generally be sufficient
for you to make a proper choice.
It is quite otherwise in buying real estate. The purchase
of land, or a home or a revenue-bearing property requires,
before-hand, not merely a great deal of advice but above all
proper advice. The purchaser owes it to himself to be properly
advised;
it cannot be too highly recommanded that he consults his notaty,
the expert in the field, considering the complexity of the
matters involved, such as:
- the importance of the investment;
- the validity of the title to the
property;
- the economic and legal consequences;
- the tax implications.
The title search: a necessity
One of the main functions of a notary is to be found in this
field. After carrying out the necessary title search, your
notary will be in a position to guarantee that the title to
the property will not be contested
First of all, his search consists of
verifying whether:
- the vendor is the true owner of the
property;
- he has the right and capacity to
sell it;
- his spouse or other persons must
consent to the sale; etc.
With the aid of a certificate of location,
your notary is than in a position to verify whether:
- the dimensions of the lot are precise;
- the building has been properly erected
on the lot to be sold;
- the dwelling has been built in conformity
with municipal by-laws and zoning regulations;
- the neighbour's property encroaches
on the lot;
- the windows and balconies conform
to legal standards; there exists rights of way, etc
Finally, from his title search, your
notary will be able to detect any charges or real rights likely
to affect or limit your right of ownership, such as mortgages
(hypothecs), seizures, judgments, servitudes, etc. |