[et_pb_section bb_built=”1″ next_background_color=”#000000″ _builder_version=”3.0.47″ custom_padding=”0|0px|0|0px|false|false”][et_pb_row custom_padding=”2px|0px|0|0px|false|false” _builder_version=”3.0.48″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″][et_pb_text _builder_version=”3.19.18″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n
By Jennifer Lynn Walker <\/span><\/p>\n When it comes time to sell a property, you\u2019ll have to fill out the \u2018Declarations of the Seller of the Immovable\u2019 (DS). It\u2019s a mandatory form residential sellers must complete along with a brokerage contract in order to have their house listed on Centris.ca.\u00a0It\u2019s six pages long with questions about your knowledge of the house and property\u2019s history. <\/span><\/p>\n A lot of people balk at the amount of time this form requires and worry they might shoot themselves in the foot if they declare everything they know. There is nothing further from the truth.<\/span><\/p>\n When a buyer gives you a promise to purchase, they acknowledge, in writing, that they understand everything stated on the declaration. As well, most building inspectors will request a copy for their files. Having this information up front will help during the inspection.<\/span> A<\/span>fter the inspection, the buyer will have no grounds to renegotiate on anything you\u2019ve already declared. <\/span><\/p>\n If they ever try to come back at you for problems they experienced after they bought and moved in, you\u2019ll be protected as long the problem was stated in the declaration. <\/span><\/p>\n The most common issue that people declare is water infiltration. Whether it\u2019s an old problem or a new one, large or small, it\u2019s best to make the buyer aware of what happened and what you\u2019ve done to deal with it. <\/span><\/p>\n Insects and mice are the culprits behind another very common declaration. If you get those spring ants that come for one week, it\u2019s best to be up front. <\/span><\/p>\n Another important issue you might not think of is the history of the building. Has it ever been the site of a suicide or murder? Was it ever used to house a marijuana grow-op? These are serious issues and must be disclosed for the co-contractor\u2019s consent to be free and informed.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section bb_built=”1″ prev_background_color=”#000000″ _builder_version=”3.19.18″ custom_padding=”3px|0px|54px|0px|false|false”][et_pb_row custom_padding=”36px|0px|0|0px|false|false” _builder_version=”3.19.18″][et_pb_column type=”4_4″][et_pb_text _builder_version=”3.19.18″]<\/p>\n Did you have to renovate a bathroom due to water damage around the shower? Even though it has been fixed, declare it. <\/span><\/p>\n Were you ever in court with a neighbour fighting over a fence? Even though it has been resolved, declare it. <\/span><\/p>\n Did you hear rumours that the city might close off one of the access points to your street? Even though it isn\u2019t confirmed, declare it. <\/span><\/p>\n Wrack your brain and mention any information that has even a slim chance of impacting the buyer in the future. Anything you keep to yourself can be characterized as a hidden defect in court. <\/span><\/p>\n The more thorough you are in your declaration, the more you protect yourself from the chance a zombie problem will rise from the past and threaten your financial security. <\/span><\/p>\n It\u2019s a real estate broker\u2019s duty to provide everyone with accurate information. If a seller refuses to fill out the declaration or isn\u2019t truthful, the broker cannot enter into a brokerage contract. Brokers who violate this rule may be the subject of a disciplinary complaint or lose their entitlement to remuneration. <\/span><\/p>\n When you are selling a house or property, it doesn\u2019t matter how small or insignificant you feel a problem might have been. It\u2019s your job is to disclose everything you know whether it was fixed or not.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.17″][et_pb_column type=”1_2″][et_pb_text _builder_version=”3.17″ text_font=”||||||||” text_orientation=”center”]<\/p>\n <\/p>\n This article was featured in:<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″][et_pb_image src=”https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2018\/11\/The-Suburban-1.png” _builder_version=”3.17″ \/][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Jennifer Lynn Walker When it comes time to sell a property, you\u2019ll have to fill out the \u2018Declarations of the Seller of the Immovable\u2019 (DS). It\u2019s a mandatory form residential sellers must complete along with a brokerage contract in order to have their house listed on Centris.ca.\u00a0It\u2019s six pages long with questions about your […]<\/p>\n","protected":false},"author":2,"featured_media":8560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" By Jennifer Lynn Walker <\/span><\/p> More and more people are turning to Airbnb for rental income. Some are creating a full-time or part-time side-business while others use it as a way to cover housing or condo costs while away on vacation. The potential income can outweigh a traditional lease by double or even triple in a month. The short-term rental industry is so hot right now that there are property management companies who specialize in this type of real estate. <\/span><\/p> There are other websites that offer short-term home rentals but Airbnb is the largest with 150 million users and 4 million hosts, making it a $31 billion business recognized and trusted around the globe.<\/span><\/p> Before embarking on this real estate niche, there are some facts you will want to know.<\/span><\/p> Depending on where you live, Airbnb could be seasonal. David Yifi, an Airbnb property manager, who specializes in renting rooms and apartments for tenants in Montreal, says that he only offers his services in the spring, summer, and fall.\u00a0 <\/span>Business drops off drastically in the winter. The closer your rental is to tourist attractions, hospitals, and metros, the longer your rental season will be. <\/span><\/p> Many condo associations have made it part of their by-laws that short-term rentals are prohibited. Some have even gone so far as to implement a fine \u2014 as high as $1,000 per day. More and more buildings are adopting this rule. They take it quite seriously because there is a possibility building insurance will not cover short-term rentals.<\/span><\/p> Smaller buildings (six doors or less) where there aren\u2019t any common hallways are much more likely to allow short-term rentals. Before you purchase a property, read over all of the agreements carefully and examine the insurance policy. If you buy your own multi-door building, you can be assured control. It\u2019s not unusual to see a mix of short-term and long-term rentals in one building.<\/span><\/p> <\/b>As of 2018, the City of Montreal is trying to change its by-laws on how many short-term rentals\u00a0are permitted\u00a0in the heart of downtown, creating restrictions for certain areas. The City is also trying to pass by-laws to ensure Airbnb-type\u00a0rentals are farther than 150 metres apart. It\u2019s best to find out about zoning laws and business licensing beforehand.<\/span><\/p> According to the laws of Tourisme Qu\u00e9bec and the R\u00e9gie du logement, rentals that are less than a month and don\u2019t have a traditional lease are considered a bed and breakfast and proprietors must obtain a permit. This also obliges you to undergo inspections, pay taxes, get special insurance, and conform to certain fire code regulations.<\/span><\/p> Insurance companies can also pose a threat to a short-term rental business.\u00a0 <\/span>Before starting up, make sure your insurance company is aware of your plans. If your insurance agreement forbids short-term rentals, the company will probably not cover damages if something goes wrong. <\/span><\/p> Even though short-term rentals take more of your time, the return on investment is exciting for beginner investors who are getting their feet wet. Following the rules will allow you to have peace of mind and build a strong business.<\/span><\/p> It\u2019s in your best interest to do as much research as possible. The Corporation de l\u2019industrie touristique du Quebec (citq.qc.ca) and the\u00a0R\u00e9gie du logement<\/a> (www.rdl.gouv.qc.ca<\/a>) are two great places to start. Consulting a tax professional and your insurance company should be on your list as well.<\/span><\/p> Jennifer Walker has been active in Montreal Real Estate since 2003. She founded the Montreal Real Estate Investor\u2019s Group, which has more than 1,200 members. She specializes in buying and selling, eco-friendly homes, and helping real estate investors.<\/i><\/span><\/p> For more articles and e-books and to sign up for her newsletter, visit her online at: www.montreal-realestate.ca.<\/i><\/span><\/p>","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,40],"tags":[44,34,20],"class_list":["post-8385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing","category-selling","tag-montreal-real-estate","tag-real-estate","tag-real-estate-investing"],"yoast_head":"\nTransparency protects both parties <\/b><\/span><\/h2>\n
Include everything you know<\/b><\/span><\/h2>\n
Even if an issue has been resolved, declare it <\/b><\/span><\/h2>\n
Real estate brokers need the declaration to proceed<\/b><\/span><\/h2>\n
Some seasons busier than others<\/b><\/span><\/h3>
Condo associations may prohibit short-term rentals<\/b><\/span><\/h3>
Smaller buildings more likely to accommodate an Airbnb business<\/b><\/span><\/h3>
Cities are starting to crack down<\/b><\/span><\/h3>
Insurance companies are also cracking down<\/b> <\/span><\/h3>
Do your research<\/b><\/span><\/h3>