Magnificent, clean and bright 3.5 room condo on the second floor. Corner unit, balcony and private garage (access interior building). Building is very well insulated and has elevator. Open concept, fireplace, hardwood floors and Jacuzzi tub. This is 2000 year construction and is very well maintained. The condo fees are $120 a month and there is plenty of money in the reserve fun. Great investment! Safe, great neighbours. The heart of La Salle, public bus at your doorstep.

Condo association is very well run with a healthy reserve fund. I have all the necessary documents on file.

Inclusions: Light fixtures, all window coverings, garage door opener (2x).

CONDO AREA 58.1m & GARAGE 17.3m, (4.8% & 2.4% = )7.2% total expense of the condo

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Jennifer Walker
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If you haven’t owned a property in the last 5 years in Quebec you are eligible to be considered for reimbursements.

Examples of financial aid:

The household is eligible for:

PLUS….
Households with children who take advantage of this program will be eligible for six months of free public transit access on purchase of a one-year OPUS full-fare pass. These families will also receive two free Accès Montréal cards.

N.B.: Applications for financial assistance can only be submitted towards the end of April, once the municipal council has adopted the new program and it comes into effect.

FOR MORE INFOMATION, GO HERE

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All offers can be conditional upon reviewing the condo documents. In our Annex B, part of the promise to purchase, there is a clause B2.5 that is meant just for condos. It is clearly written:

“REVIEW OF CO-OWNERSHIP DOCUMENTS This promise to purchase is conditional on the BUYER’s examination of the declaration of co-ownership, including the regulation of the immovable and the following documents:”

This is where it is important to have your agent write:
The budget, minutes of annual meeting, reserve fund, and financial statements. I also include: condo fees letter, insurance certificate, municipal and school taxes.

The buyer has a time period to receive and review these

documents. If the buyer is not satisfied upon examining the documents and wishes to withdraw the promise to purchase, he notifies the Seller in writing within seven days of receiving the documents and the promise to purchase becomes null and void.

There are many things to consider, and this is just food for thought:

Just remember that all buildings whether it be a house or condo, will be needing maintenance every year. It’s the big jobs you are looking out for. For example: roof, re-pointing the bricks, re-modeling the entrance, new heating system, foundation work, windows, balconies, etc…

For more information on condos in Quebec, you can visit: Condo Legal

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I recently was at an inspection a couple of weeks ago and the inspector had this funky handheld tool that looked like a large Black and Decker stud finder. Looking closer it was showing a camera screen and had many cool buttons. Peter the inspector explained that it was an infrared camera and said that it is going to revolutionize the inspection industry.

This $6000 FLIR B50 (Forward Looking Infra-Red) comes with a 4 full day course on how to use it. Its main feature is to look for air leaks and heat loss. Great for energy audits. It can also check the electrical box for hot breaker and wires, insulation deficiency in walls and ceiling (shows a numeric %), percent of heat lose, active water leaks and old water damage, and it will find good conditions for possible mould problems and more.

What it doesn’t do is find mould and see though glass (but will pick up reflective heat). It also won’t work if it’s the same temperature outside and inside. It does take pictures of the scene and the infra-red.

The implications of this device will certainly change what seems as a two dimensional inspection into a 3 dimensional one. The idea of heat loss and detection of water damage is a great advantage to a lot of buyers.

A regular inspection right now will run you about $425-$475, with this new tool involved it will probably raise it up to about $150 extra an inspection. This is what Peter is thinking anyway. H did tell me that his instructor’s camera is worth $60,000. Hmmm, I wonder how much he charges for inspections.

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The Act respecting duties on transfers of immovables allows Ville de Montréal, by by-law, to raise its taxation rate for immovables with a value of more than $500,000.
Every municipality must collect duties on the transfer of any immovable situated within its territory. These land transfer duties are better known as the “Welcome Tax” (Put in place by M. Bienvenu). The buyer’s are liable for paying such tax.

The buyer pays the greatest of the following amounts:

After establishing the first step, the following must be calculated:

Example:
A property is sold for $265,000. The value of the property entered on the property assessment roll is $260,000 and the comparative factor is 1.02.

The basis of imposition is therefore established at $265,200, i.e. the highest of the sale price ($265,000) and the market value of the property (Value of the property entered on the property assessment roll multiplied by the comparative factor: $260,000 x 1.02 = $265,200)

The transfer duties payable to the municipality will total $2,478, i.e.:

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The two easiest ways are standard text in our real estate purchase forms:

#1. Assuming another’s mortgage
We don’t see much of this or at all these days because the interest rates are at their lowest. When they do go up, why wouldn’t you want to assume the sellers rate at 3.75%. By assuming their mortgage and financing the rest to make up the selling price and you could potentially save a lot of money over the rest of their term.

Quick note: Got this from my client today: “Okay, some very heavy conversations with brokers and banks here this morning. One thing is for sure is apparently variable mortgages are not assumable!”

#2. Balance of sale
This is a great tool if you believe that you can increase the value of the building within a few

years or know that you will be able to pay it off when the term is due. The way it works is that the seller **“lends” you a certain amount of money at an agreed upon rate for a limited time (usually 1-2 years). You pay them the interest either monthly, quarterly or annually for the time period on the total amount borrowed from them and at the end of the term or sooner, you pay the full amount back. This works if you are low on cash or wanting to keep your cash. After the 1-2 years renovating or re-renting (apartments) and increasing the value of the building, you refinance and pay the vendor back.

**”lends”: The vendor doesn’t really hand over the money, it’s just that you don’t give him the amount until a later date.

Great benefits:

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I added this article because I love real estate and educating people on the matter. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here www.Montreal-Properties.com