In previous articles we discussed what undivided co-ownership means, as well as the financing required for these types of properties. Today we will take a brief look at the formalities involved in creating a undivided co-ownership. How is it formed? To create an undivided co-ownership you, and the other co-owners, will need to draft a formal "Indivision agreement", (with the help of a notary, of … [Read more...]
Undivided Co-ownership: Formalities involved
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Condo, undivided
Undivided Co-ownership: Mortgage and Financing
If you are looking to buying into a Co-propriété with a 15% down payment, start looking else where. The minimum down payment is 20%, and depending on the bank financing it, could be even higher than that: 30 - 35%. These types of properties are NOT covered by the CMHC (Canadian Mortgage and Housing Corporation). While talking about financing, it's important to mention that many major lending … [Read more...]
Filed Under: Buying Real Estate Tagged With: co-propriété, condo trends, mortgage, undivided
What Undivided Co-ownership means
In your search for condos, you might have come across the term Co-propriété Indivise, or Undivided Co-ownership. In other provinces are referred to Co-op, but not here in Quebec. In this province, co-op means Housing Cooperatives; used for regulating housing fees and expenses, mostly rental properties. Since we are talking about purchasing real estate here, let's stick with the two … [Read more...]
Filed Under: Buying Real Estate Tagged With: co-propriété, condo trends, undivided
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