Buy a property in Montreal

Both approaches involve benefits and risks. Buying first is possible, notably with a bridge loan if your lender agrees, but you will temporarily carry two properties. Selling first reduces financial risk, sometimes at the cost of temporary housing. The decision depends on your financial capacity, the expected marketability of your current property and the availability of the home you want to buy. Don't forget the property transfer duties ("welcome tax") on the new purchase.

Besides the price, plan for property transfer duties (the "welcome tax", calculated at your municipality's rates), notary fees, the pre-purchase inspection, municipal and school tax adjustments, home insurance and moving. Notary fees vary by transaction, so ask for a quote.

The room to negotiate depends mainly on the local market (inventory, selling time), how the asking price is positioned and how long the property has been listed. Base your offer on recent comparable sales and the property's actual condition rather than a fixed percentage.

The buyer sets this deadline in the promise to purchase: the seller must respond (accept, refuse or counter-offer) before the stated date and time. After that, the promise lapses. In an active market, the deadline is often short. Until the promise has been presented to the seller, the buyer can revoke it, provided the revocation reaches the seller before the presentation.

If your promise to purchase is conditional on a satisfactory inspection, you may, within the stated deadline and in the manner set out in the form, withdraw or ask the seller for corrections. This right depends on the exact wording of the clause.

Yes. A broker from the team can represent you as a buyer: defining your criteria, analyzing properties and comparables, preparing and negotiating your promise to purchase, and guiding you through to the signing at the notary's office.

Quebec rules strictly govern representation and generally prohibit a residential broker from representing both a buyer and a seller who are each bound by brokerage contracts in the same transaction. A specific situation should be explained in accordance with OACIQ rules.

It isn't mandatory, but it is strongly recommended. Pre-approval clarifies your real budget, speeds up the financing condition and makes your promise to purchase more credible to the seller, especially with multiple offers.

Usually the buyer, who orders it and receives the report. Choose a qualified inspector and attend the inspection if possible.

For a new property bought from a builder, you usually sign a preliminary contract rather than a promise to purchase. In certain circumstances, the Civil Code of Québec then provides a 10-day period to withdraw. Have the exact terms, including any indemnity, reviewed before signing.