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The other aspects of the "Choose a land" file: The different types of land Get information before you buy The building permit Servicing a land

Purchase of land, formalities not to be missed

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After many visits and long periods of reflection, you have finally found the terrain of your dreams! Do not rejoice too quickly, there are still some steps to go before becoming a happy owner. It would be a shame to miss the deal or be fooled by a dishonest seller. To put the odds on your side HandymanDuDimanche tells you this week the procedure for a sale in good form.

The preliminary contract

File choose a land: formalities: formalities

During this stage, as for the rest of your journey, it is best to contact a notary who will guide you and assist you in all your efforts. He will check, for example, that no mortgage is in progress on the land and will ensure easements of alignment or flow of water. There are different types of pre-contract, the unilateral promise of sale, the unilateral promise to purchase or the sales agreement. The unilateral promise Selling is a contract that gives you an option in the field. The owner therefore agrees to reserve the parcel for a period of time and fixed at the same time the final price. In exchange, the buyer pays him a deposit (usually 10% of the selling price). If this promise is made in a private circle, it must be reported within ten days of being signed at the registration desk of your home. It can also be written by a notary. Once the period has passed, the buyer must inform the seller of his intention by registered letter with acknowledgment of receipt. He can lift the option and pay the property or refuse the operation and lose the amount already paid. The other party may also withdraw, provided that the amount already received is refunded.

File choose a land: formalities: formalities

The unilateral promise to purchase engages only the buyer. The seller can therefore change his mind before the final signature without having to pay compensation. In view of the poor guarantees offered by this contract we strongly advise against it. The sales agreement is a firm commitment by both parties under certain conditions of withdrawal. There may also be a down payment at the request of one of the stakeholders.

What your Before Contract must mention
For an isolated landFor land in subdivision
- The price and taxes. - The description of the land with a boundary. - Public and private easements. - The absence of mortgage or rental. - The date and the signing of the notary sales contract. - The amount of trading fees. - Suspensive clauses.- The consistency of the reserved lot and its building surface. - Its delimitation. - The price. - The delivery time. - The delivery of the development permit and the specifications of the subdivision. You will have to respect the provisions. - Suspensive clauses.

The clauses, an additional margin of maneuver

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Only the unilateral promise of sale allows you to retract by refusing the sale within 7 days after its signature. To return to your decision it is sufficient to inform the seller by a letter with acknowledgment of receipt. In this case, the first payment made will not be refunded. However, there is an alternative offering you the possibility to suspend or cancel the sale regardless of your prior contract and without delay: suspensive clauses. You therefore have every interest in including these conditions on the contract, which will leave you the possibility to retract if necessary.

The recommended suspensive clauses
For an isolated landFor land in subdivision
- Obtaining a pre-operational planning certificate allowing the realization of your project. - The sale, if any, of your previous home. - Obtaining the loans you request, if any, not only for the purchase of land but also for construction. - Obtaining a building permit.- Obtaining loans for the purchase of the land. - Obtaining loans for construction.

There are also restrictive clauses that can prevent the execution of the definitive contract. The only legal obligation is for purchases of housing financed by a loan. Whether suspensive or restrictive, the drafting and negotiation of clauses is left to the discretion of both signatories. Defining these clauses with the greatest care will bring you maximum guarantees.

The sales contract

File choose a land: formalities: choose

Before proceeding to this stage, it is imperative to make sure that there have been no changes to the property since your last visit. If the land is in a subdivision, the contract of sale can not be established before the installation of the public facilities (connection to the networks...). The manufacturer may, however, obtain a derogation if he has a completion guarantee or an authorization to postpone the work. The contract must be drawn up before a notary and signed by each of the parties involved. You will then receive a copy of the deed of sale that will constitute your title deed. You will then have to pay the balance requested for this transaction.

The purchase of land is an important and tedious financial operation that must be supervised and controlled with the utmost care. Do not hesitate to call the notary at the slightest question. HandymanDuenchanche advises you to study your contract carefully and patiently before embarking on the great adventure of home ownership.

Hélène David - HandymanDuenchie - April 18, 2008

The other aspects of the "Choose a land" file: The different types of land Get information before you buy The building permit Servicing a land

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