Frequently Ask Questions:
- What is RENTAL-PURCHASE? A lease allows you to lease with a call option that you can finance at a financial institution, after 2 or 3 years, once you have paid at least 5% of the mortgage. A lease purchase also allows you to buy without any cash. While for a purchase financial institutions will require minimum capital of 5%.
- If I rent to buy do I absolutely have to buy? No, you can return the keys to the promoter and cancel the lease-purchase. If you stay less than 2 or 3 years it may not be worth taking a real estate agent, and pay a 6 to 8% commission to sell a micro-condominium that you have paid for less than 2 or 3 years. On the other hand, if you stay more than 2 or 3 years it can be advantageous to buy to resell and recover a portion of the invested capital.
- What is PRE-PRE-SALE? A pre-pre-sale allows you to choose the location of the plumbing, plans and design before renovation or to renovate yourself.
- What is a PRE-SALE? A pre-sale allows you to choose the plans and design before renovation or to renovate yourself.
- What is SELF-RENOVATION? Self-renovation means you renovate yourself. There is a discount to the purchase of $ 10,000 in 2017 or $ 5,000 in 2018 for self-renovators.
- If I rent a room while waiting to move into my micro-condominium, is the rent deducted from the purchase price? No, the rooms are only for rent. To be able to pay for the micro-condominium quickly it is necessary to reserve it as soon as possible and to approve the plans and the design as quickly as possible.
- The amount of the monthly reimbursement for the acquisition would begin on what date, on delivery or during work? You have to pay for the first month or the part of the accommodation to book. Then payments are made after delivery.
- How much does notarization fees cost? For the notarial deed, you must ask your notary for the fee.
- How much it cost for taxes? There are no sales taxes on dwellings that are not new. There are only taxes on mutations that cost less than 1% for a micro-condominium.
Information for calculating the transfer tax in Montreal
- I become an owner after how long? For examples of payment on the site, the term is calculated over 30 years. But you can choose a term of fewer than 30 years by increasing monthly payments.
You can use the online calculator to determine your term. - Can I pay more quickly? Yes, you can make payments anytime without penalty with a rent-to-buy purchase or with an open term with a financial institution. There are penalties only if you have a closed term with a financial institution.
- If I pay a portion of the cash, does it make it easier to buy? You can pay any part to reduce your monthly payments. If your buyer credit is too low to be accepted during the credit check, paying part of the housing can help to be accepted to the credit.
- Why buy or rent to buy? Rents increase exponentially for a lifetime. While a purchase is made with relatively stable payments for 25 or 30 years; and after that period the mortgage falls to $ 0 / month. You only have the condominium fee to pay.