Region served
With undivided co-ownership in Grand Montréal, the lender list is short and the co-ownership agreement is required. Down payment and conditions to plan for.
Lenders finance a title, not only a property. If there’s undivided ownership, an easement or an estate not yet settled, they want to know who can sell, who has to sign and what encumbers the title. With undivided co-ownership many lenders simply step aside, and the file has to go to the ones that will finance it.
Location certificate, deed and, depending on the situation, the co-ownership agreement, the judgment or separation agreement, or the estate papers. Ask your notary what’s missing from the title. They usually know before you do.
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.