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Real estate transaction: seller’s and buyer’s obligations

Whether you’re a future buyer or a future seller, it’s vital to understand your obligations when signing the promise to purchase. As part of a real estate transaction, both seller and buyer are subject to various legal obligations. That’s why it’s essential to know your respective rights and duties, to avoid any misunderstandings. In this article, we will explore in detail the various means available to you to protect your interests. Thanks to this information, you’ll be able to complete your real estate transaction with complete peace of mind with your REALTA broker. Your obligations as a seller The Civil Code of Quebec plays a crucial role in the real estate industry. It sets out the rules and obligations that all sellers must comply with when selling their property. This ensures that your property is sold legally, while respecting the rights and interests of all parties involved. When it comes to real estate transactions, a professional and rigorous approach is essential to ensure the success of your sale. Providing the buyer with property-related documents When conducting a real estate transaction, it’s important to comply with legal documentation requirements. The law requires the seller to provide the buyer with a number of official documents, including a copy of the deed of purchase; previous title deeds recent certificate of location; Hand over the property for sale It’s important to remember that in real estate, handing over the keys can sometimes take months after the deed of sale has been signed. The seller may in fact retain the right to live in the property for some time. That’s why it’s crucial to regulate the transfer of the property by law. Article 1720 C.C.Q. specifies the terms: not only is the seller obliged to deliver the property, but he must also do so in “the capacity or quality indicated in the contract”. This obligation may seem obvious, but it is essential to remember it in order to ensure a secure real estate transaction for all parties involved. The buyer’s rights: As the seller, it is your responsibility to guarantee delivery of a product that conforms to what was agreed in the contract. If you fail to meet this delivery obligation, or supply a property with less capacity than promised, this could result in the sale being cancelled. In this case, you will be obliged to reimburse the buyer. On the other hand, if the quality of the delivery exceeds the buyer’s expectations, the latter will be obliged to return the excess to you or pay a corresponding sum. As a seller, it is therefore essential to respect the buyer’s rights and maintain total transparency in your transactions. Guaranteeing the quality of the property sold The seller’s duty to guarantee that the property he is selling is free from hidden defects is a fundamental legal obligation, designed to protect consumers from defects invisible during a simple visit. Although they cannot be legally defined, hidden defects are generally considered to be serious defects or deterioration that can significantly reduce the property’s market value or render it unfit for habitation. However, it is important to note that this warranty does not cover defects mentioned in the seller’s declaration or apparent defects. Buyer’s rights: Should a hidden defect be discovered, the buyer is obliged to notify the seller within a reasonable time. Although the law does not define a precise deadline, it is recommended that this be done within six months. However, if the seller could not have been unaware of the defect, there is no notion of late notification. To ensure a clear and coherent procedure, denunciation must be made in writing. The buyer must allow the seller a few days to identify the problem and take appropriate action. By respecting these measures and deadlines, buyers and sellers can avoid potential disputes and maintain a healthy and fair commercial relationship. Guaranteeing the buyer’s right to ownership As a seller, it is an important responsibility to guarantee that the buyer takes possession of a property free of all rights. This responsibility extends to rights that third parties may have, such as easements and rights of way. To ensure full enjoyment of the acquired property, it is essential that the buyer does not encounter any unpleasant legal surprises. The buyer’s rights: It’s vital to understand the buyer’s rights during a transaction. If the buyer notices an infringement of his property rights, it is his duty to report it in writing within a reasonable time. In this way, he or she can be compensated and the necessary steps taken to restore his or her rights. Indeed, it is essential to protect buyers and their property, while ensuring a fair and honest transaction for all concerned. Buyers have rights that must be respected, and any breach of these rights can have legal consequences. Understanding these rights is therefore a crucial step towards a successful and fair transaction. Your obligations as a buyer As a buyer, your obligations are fairly straightforward: to pay for the property acquired and to accept delivery. Respecting the promise to purchase The promise to purchase is a major step in the acquisition of a property. Once signed, it irrevocably binds you to purchase the property within the agreed timeframe. That’s why it’s crucial to take the time to think things through before committing yourself. However, certain conditions can be written in to release you from this obligation should the need arise. For example, this may be conditional on obtaining a mortgage or the validation of a pre-purchase or preliminary inspection report. In all cases, this step must be taken seriously and rigorously to avoid any unpleasant surprises. Seller’s rights: When buying a property, it’s important to respect your commitments to the seller. If the conditions laid down in the contract are fulfilled and you fail to meet your commitment, the seller has the right to take recourse to an action in execution of title. However, it is important to note that an accepted promise to purchase also binds the promisor-seller, who cannot sell to another buyer. If certain conditions are met, it is possible for the seller to request resolution of the sale, but this must be clearly stated in the contract. Paying notary fees When you decide to buy a property, it’s important to consider all the costs involved in the transaction. If you are unable to reach an agreement with the seller, it will be up to you as the buyer to pay the majority of the notary’s fees. This financial contribution includes title examination fees, deed preparation costs and the cost of signing documents. Although it may seem tedious, it’s important to take all these costs into account when preparing financially for the purchase of a property. Let us guide you through the process It’s often tempting to believe that you’ve mastered the rules and intricacies of buying and selling real estate. However, even the most knowledgeable of us can find ourselves faced with a misinterpretation of the laws and regulations in force. That’s why it’s advisable to call on a REALTA real estate broker to ensure a smooth transaction. Thanks to his or her training, experience and in-depth knowledge of the market, this professional will be able to guarantee an appropriate and secure procedure for all parties involved. To sell or buy a property with complete peace of mind, nothing beats the skills of a REALTA real estate broker, who is governed by the brokerage act and a self-regulating organization. Real estate brokers are licensed to buy, sell or rent a property, which means that you can rely on the services of a broker duly authorized to act by the OACIQ. The OACIQ’s mission is to protect the public by enforcing the Real Estate Brokerage Act. Would you like assistance with your future real estate transaction? When the time comes to sell a property, it’s essential to ask yourself the right questions. That’s where our real estate expertise comes in. Our experienced brokers can help you optimize the designation of your home and maximize your profits by assessing the value of your property and other key elements!

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