AFTER THE TRANSACTION: The steps following the Promise to purchase
Once the Promise to purchase or the Counter-proposal to the promise to purchase has been accepted and all the conditions have been fulfilled, the next step is to make the transaction official.
There are two main components at this stage:
- Title examination (documents attesting to such things as ownership title, measurements, zoning, charges and servitudes, etc.); and
- Deed of sale. Under the Civil Code of Québec, the property transfer requires the participation of a notary.
GOOD TO KNOW
When two or more real estate transactions are interrelated (for example when you sell in order to purchase another home), your real estate broker has a duty to allow a reasonable time frame between the dates of signing of the deeds of sale for the various transactions to take place.