Anyone who wishes to convert a property into a shared condominium does not have the right to engage in harassment and thus restrict the tenant`s rights to the peaceful use of his apartment. The Founding Act contains the essential elements to understand what shared co-ownership is. Its purpose is as follows: The undivided co-ownership of a property begins informally when several people, the undivided co-owners, acquire ownership of the same property. However, it is in their interest, especially in the case of real estate, to conclude a written agreement between them. The incorporation contract must be published in the land register in order to be enforceable against third parties. Finally, I recommend that you check with a notary the specifications of the undivided co-ownership. Shared co-ownership is subject to a notarial contract (declaration of co-ownership). Undivided co-ownership does not have to meet this requirement. However, such an agreement has advantages. What for? It is very simple: if no agreement has been concluded between the owners (i.e. the co-owners), none of them can claim an exclusive right to occupy the part of the building they use. Currently, the Civil Code of Québec does not fully cover the rights and obligations of undivided co-owners. They are thus exposed to conflict situations.
This type of agreement is called a division agreement. Without this, the general rules of the law apply. For example, the law assumes that all co-owners own the property equally, even if your down payments and mortgage payments are unequal. It also means that all rental income from the property is divided equally, including profits from the sale of the property. A notary or lawyer can advise you and help you draft an indivision contract. The declaration of co-ownership (hereinafter the “Declaration”) is the contractual document that describes the relationship between the co-owners and/or the developer. This document binds the parties, and the signatories must respect their obligations and the rights of the other co-owners, at the risk of judicial sanctions in case of violation. Indicate any other agreement concerning immobility or its parts; Buying a shared condominium unit requires several additional checks that notaries can do for you. The notarial declaration of co-ownership includes the deed of incorporation of co-ownership, the statutes of the building and a description of the fractions. Each owner holds a share in the common areas of the property, which belongs to all co-owners.
This proportion is proportional to the relative value of the private fraction. This value is indicated in the declaration of co-ownership that the seller gives to the buyer and which is deposited in the land register. The concept of undivided co-ownership is relatively broad. In addition, this applies to couples who buy a house, as well as family members who inherit a property, or to three people who buy a triplex together. In these three examples, all are undivided co-owners. Declaration of co-ownership Each declaration of shared co-ownership is governed by a document called a declaration of co-ownership. It contains the essential rules for living in co-ownership and avoids many conflicts. This declaration must be notarized and submitted to the land register. This part of the declaration of co-ownership makes it possible to identify each of the lots by its registration number and at the same time to indicate its nature.
It lists the cadastral designations of each private and common part of the co-ownership (e.B. batch status and identification number). In addition, the description of the breaches indicates the real rights that weigh on the immobility or exist in its favour, with the exception of the hypotheists. Private and joint shares of a shared co-ownership are regulated by a notarized declaration of co-ownership. The buyer must always read and understand it before committing. A notary will help you understand the content of this very important document. When signing the offer to purchase, the buyer must also: Private party Each owner of a fraction has the exclusive ownership of a private part of the property (the co-ownership). WARNING! The declaration of co-ownership must be respected by the co-owners, tenants and residents of the property. In this context, the Civil Code of Québec provides that the by-laws of the property are in principle enforceable against a tenant as soon as the co-owner or the syndicate gives him a copy. 1. The deed of incorporation of co-ownership defines the destination of the immovable, the private portions and the common portions. The law also states:[5] Co-ownership means that a property is jointly owned by two or more people.
E) Other agreements concerning the building or its private or communal portions. The private and common parts of the property must necessarily be the subject of a cadastral designation in the declaration of co-ownership so that they can be effectively registered. For example, suppose you buy a triplex with two of your friends. Your three down payments are the same. After the purchase, you decide to move to the apartment on the second floor. You do not own this apartment exclusively, as your two friends share the property with you. In the same way, you share with them the ownership of the units of the first and third floors. You and your friends are therefore undivided co-owners of the entire triplex (see screenshot below). Their shares in the building amount to one third each.
If a building belongs to a group of people without being physically divided into separate plots, that building is in undivided co-ownership. They thus all become co-owners of a building according to the size of the share they have acquired in the building in question. In particular, undivided co-owners are jointly and severally liable for the payment of taxes. That is, if one of them does not pay his share, the others must cover it according to the legal conditions or in the undivided co-ownership contract. Undivided co-ownership occurs when more than one person owns the same home. No legal transaction is required. For example, undivided co-ownership can be formed from an inheritance. WHAT YOU NEED TO KNOW! If the declaration of co-ownership of the syndicate is made before 1 January 1994, Article 54 of the Law on the Implementation of the Reform of the Civil Code gives rise to a presumption that each clause is placed in the relevant article and that the relevant rules in accordance with this classification apply to it. The deed of incorporation of co-ownership indicates the relative value of each fraction and explains how the value was determined. It also determines the contribution of each fraction to the common property expense and the compulsory emergency fund. This fund is a monetary reserve for major repairs and replacement of common parts. It also allocates the number of votes allocated to each political group.
The instrument of incorporation defines the purpose of the property, i.e. the use (residential, commercial or industrial) that the owners may make of it, as well as the intended purpose of the private and common parts. It also determines the powers and duties of the board of directors of the syndicate of co-owners and the general meeting of co-owners. For more information, see the illustrated article on the purchase and sale of undivided condominiums on the website of the Chambre des notaires du Québec. It is divided into three sections: the constitutive act of co-ownership, the statutes of the building and the description of the fractions. If you choose this option, it is a good idea to decide the rules of co-ownership with the other co-owners. Here are some examples of co-ownership rules on which you can agree: The syndicate of co-owners is born as soon as the declaration of co-ownership is submitted to the land register. Its mission is to ensure that the property is preserved, maintained and managed. The Board of Directors acts on behalf of the Union.
In particular, the directors approve the budget of the condominium property. The declaration of co-ownership includes all the rules that ensure the effective organization of the co-ownership. Its knowledge by the members of the Board of Directors and by each co-owner is essential to the proper functioning of the co-ownership. This reference document for co-owners is consulted, for example, in the case of works. For a promising buyer, the declaration of co-ownership contains a wealth of useful information on the conditions of use and enjoyment of private and shared parties. Hence the need to read this document before buying to avoid unpleasant surprises, especially with regard to the use of its private part. A condominium agreement has many uses, such as, . B, the description of the parts intended exclusively for the use of the co-owners, such as apartments or car parks. The agreement can and must set the rules of operation and management of the common property in order to harmonize the relations between the co-owners. It can be renewed at any time.
On the other hand, this agreement must not exceed 30 years. In an undivided co-ownership, each co-owner has a share of the entire property. There is no “private part” as in an apartment. In other words, everyone has the same rights over all parts of the property. *The solution: A co-ownership contract signed by all the co-owners to create what notaries call organized undivided co-ownership. It is important to know that in a situation of co-ownership with a person other than the spouse, it is impossible for an owner to repossess a residential dwelling. However, this protection, which is due to the principal tenant, does not apply to a subtenant. WHAT TO CONSIDER: An essential tool for co-owners, the declaration of co-ownership is a must for potential buyers of co-ownership.
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