You’ve found the home of your dreams, but are worried that the buying process could turn into a nightmare. Your financial institution, real estate broker and notary are there to make sure you can get the keys to the property on the date agreed. Your active participation throughout this process can also help avoid many delays and hassles.
Prepare for your meeting with the notary
The first step is to choose your notary. If you don’t already have a name in mind, you can use the tool “Find a Notary in Private Practice” on the website of the Chambre des notaires du Québec (notaries’ association).
Before your appointments, let your employer know that you might need some time off on two separate occasions.
Normally, buying a property involves two steps: a first appointment with the notary to sign the mortgage and a second one a few days later to sign the deed of sale.
Keep in mind that most notaries will ask you to sign a contract for services before they begin doing any work. This contract sets out the notary’s fees, the terms of payment and what everyone is expected to do.
The notary needs several documents to do the work and finalize the sale. You’ll need to send most of these documents to your notary before your first appointment. If you send them late, this could delay when you take possession of the property.
To reduce the risk of delays, you can do the following:
- ask the notary which documents will be needed early on.
- ask your financial institution, real estate broker and the seller to contact your notary as soon as possible.
Remote or in person?
Exceptionally, your notary can allow you to sign notarial documents online. You must request this, and your notary will decide whether it’s necessary based on your situation.
Depending on the situation, your notary may or may not allow you to sign the documents online. Keep in mind that you cannot force your notary to authorize remote signing.
If your notary authorizes the remote signing, here are a few tips to make sure that everything goes smoothly:
- Plan a quiet location.
- Use a personal email address to receive the documents.
- Test your microphone, headphones and camera in advance.
- Keep your ID close at hand.
- Check your internet connection.
Send the money for the purchase
Your notary must receive your down payment, and the amount your financial institution is lending you, before you meet to sign the deed of sale. Therefore, your notary will ask you and your financial institution to transfer them these amounts.
After receiving your down payment, your notary must respect the bank’s time delay before having you sign the deed of sale. This delay can be up to 10 days and is referred to as “clearing time.” The financial institution uses this time to make sure everything is in order with the deposit. Until this time limit expires, the financial institution has the right to withdraw the money deposited in an account without notice.
Your notary will tell you the simplest and quickest way to transfer the money.
Be patient
Of course, you’re eager to get the keys to your new home, but unfortunately, some delays can’t be avoided.
For example, your notary will need about two or three days after the mortgage deed is signed. This time is required to register the document. The same registration period applies after the deed of sale is signed. Registration is mandatory and allows anyone to consult the land register to see the signed documents.
If you decided to draft these deeds in English, there could be an additional delay to get them translated into French. An official French translation of deeds are required to register them.
Once the deeds have been registered, your notary will prepare the various cheques required to finalize the transaction, such as:
- the amount owed to the seller,
- the broker’s commission,
- the surveyor’s fees.
Once the sale is complete, your notary will send you certified copies of the signed notarial documents.