Comments on: Undivided Co-ownership: Mortgage and Financing http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/ A daily dose of the local market. Mon, 30 Jan 2012 23:09:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Nick http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-4723 Nick Sat, 30 Apr 2011 06:08:13 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-4723 Hi Peter. Can you post that link? I have a triplex in Montreal that I'm thinking of converting to undivided co-op, and I have 2 tenants right now. Thanks Hi Peter. Can you post that link? I have a triplex in Montreal that I'm thinking of converting to undivided co-op, and I have 2 tenants right now.

Thanks

]]> By: Peter http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-4676 Peter Thu, 10 Feb 2011 14:42:30 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-4676 What is the disadvantage to rent the undivided condo or part of that? From the website I find the following comments. Is that true? "The third thing about undivided properties is that you have no automatic right to occupy the premises. Whaaaa? It's true. If you lease your "apartment" in an undivided co-ownership building, Quebec law says that you cannot then reclaim it unless the tenant agrees to go. It is equally true that if a rental building is turned into a undivided co-ownership property, the tenants cannot be turfed out, regardless of how many months notice they are given, or how much money you offer them as an inducement to leave." What is the disadvantage to rent the undivided condo or part of that? From the website I find the following comments. Is that true?

"The third thing about undivided properties is that you have no automatic right to occupy the premises. Whaaaa? It's true. If you lease your "apartment" in an undivided co-ownership building, Quebec law says that you cannot then reclaim it unless the tenant agrees to go. It is equally true that if a rental building is turned into a undivided co-ownership property, the tenants cannot be turfed out, regardless of how many months notice they are given, or how much money you offer them as an inducement to leave."

]]> By: Steph http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-4395 Steph Thu, 18 Mar 2010 19:46:40 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-4395 Why is everyone telling me not to buy an indivise?? What I'm disliking is that I have to be at the same branch, same bank as the other owner - which leaves me powerless to negotiate anything. In addition the other owner is a total stranger - what if he skips out on his payments? The bank has told me that the house could be re-possessed and we would have to "get out" of our own place??? This is a quote from the mortgage specialist I'm dealing with...is this right??? Why is everyone telling me not to buy an indivise?? What I'm disliking is that I have to be at the same branch, same bank as the other owner – which leaves me powerless to negotiate anything. In addition the other owner is a total stranger – what if he skips out on his payments? The bank has told me that the house could be re-possessed and we would have to "get out" of our own place??? This is a quote from the mortgage specialist I'm dealing with…is this right???

]]> By: Deyanira Bautista http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-1886 Deyanira Bautista Sat, 13 Dec 2008 02:22:51 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-1886 <blockquote>progress through the housing correction is to reduce the cost of mortgage finance, so more families can afford to buy a home, and so homeowners can refinance into more affordable mortgages.</blockquote> I agree 100% with that statement. Let's just see how the government handles this mess.

progress through the housing correction is to reduce the cost of mortgage finance, so more families can afford to buy a home, and so homeowners can refinance into more affordable mortgages.

I agree 100% with that statement. Let’s just see how the government handles this mess.

]]> By: Deyanira Bautista http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-1884 Deyanira Bautista Sat, 13 Dec 2008 02:15:31 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-1884 Hi Sharon, Thanks for passing by. Comments are always welcome. Hi Sharon,
Thanks for passing by. Comments are always welcome.

]]> By: Deyanira Bautista http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-1849 Deyanira Bautista Fri, 05 Dec 2008 18:03:25 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-1849 We'll be looking into that on this topic's next update. Apparently, there are regulations and rules within the legal documents of undivisions. We'll write up the scoop soon. We’ll be looking into that on this topic’s next update. Apparently, there are regulations and rules within the legal documents of undivisions. We’ll write up the scoop soon.

]]> By: Christine http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/comment-page-1/#comment-1848 Christine Fri, 05 Dec 2008 17:14:53 +0000 http://montrealrealestateblog.com/undivided-co-ownership-mortgage-and-financing/#comment-1848 I'm also wondering, what contingencies are put into place to protect one owner from the other should one skip town or stop paying the bills? I’m also wondering, what contingencies are put into place to protect one owner from the other should one skip town or stop paying the bills?

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