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A dispute over the title of a Grand Montréal property pushes most lenders back until it is settled. What the notary has to confirm first.
A lender is lending against the title as much as the building. Undivided ownership, an easement, an unsettled estate: each raises the questions of who can sell, who signs, and what’s registered against it. For undivided co-ownership, a lot of lenders just say no. Others will look at it.
The location certificate, the deed, and depending on the case the co-ownership agreement, the judgment or separation agreement, or the estate documents. Your notary is often better placed than you to say what’s missing from the title.
What you plan to do with the property weighs more than its price. Living in it, renting it out or a bit of both changes the down payment required and which lenders will look at a Grand Montréal file.
The paperwork depends on the property: leases and the tax bill for a revenue building, the declaration of co-ownership for a condo, a location certificate every time. If there is work involved, add the quotes and proof of compliance. Ask early, it varies in Grand Montréal.
The appraiser works from recent sales, not from the asking price. Where comparables are thin (a rural sector, an unusual property), the value can land under what you agreed to pay, and you make up the gap in cash.
Municipal and school taxes vary from one municipality to the next, and they count in your ratios. The lender works from the Grand Montréal tax bill, plus heating, insurance and upkeep. Do the same math before it does.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Yes, but few lenders will touch it. Several step back from undivided ownership, and those that finance it want the co-ownership agreement and every co-owner’s signature.
Pick the situation closest to yours.
Contact
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.