Buying a new property, which is often a family’s most significant investment, comes with responsibilities as well as rights for the buyer. According to several consumer protection associations, here are five things to know before buying a new property.
Supported by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), the Association of Quebec Managers and Co-Owners (RGCQ), the Consumers Association for Quality in Construction (ACQC) and the SOS Residential Guarantee Plan, a non-profit plan. The company has launched an awareness campaign to help protect the Guarantee de Construction Residential (GCR) buyers.
1) Have a building professional with you when inspecting the property
Assessing that a pre-acceptance inspection of your new home is “not only mandatory, but critical for any buyer,” GCR recommends accompanying a building professional to avoid unpleasant surprises.
2) Report problems as soon as possible
Buyers should be proactive in ensuring that they report a problem in a timely manner so that it can be recognized as a claim. Otherwise, there is a risk that the latter will worsen over time and it will no longer be noticed.
3) Be careful if you pay a deposit
While a partial amount – deposit – payment is common when buying a new property, it is recommended to take precautions by dealing with a non-profit organization to cover the raising.
For its part, the Office of Consumer Protection recommends finding out about the merchant on its website and negotiating as little as possible knowing that he could go bankrupt before delivering the final product.
4) Hire your own real estate broker
A real estate broker sometimes refers a promoter when buying a new property. According to information center director Sandra Barrett, OACIQ recommends retaining the services of its own broker to “represent you and protect your interests” in the process.
It also stipulates that the OACIQ license holders’ register may inspect the real estate broker’s file.
5) Know about additional condominium responsibilities
Buying a house or a complex comes with certain responsibilities as it involves common and private parts, co-ownership and syndicate of mandatory guarantee plans.
The RGCQ advises to be well-informed to “make decisions with a full understanding of the facts”, underlined Director General Denis Brosseau.