Buying a new home, often a family’s most important investment, comes with responsibilities but also rights for the buyer. Here are five things you should know before buying a new property, according to several consumer protection associations.
Supported by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), the Association of Quebec manager and co-owner (RGCQ), the Consumers’ Association for Quality in Construction (ACQC) and the non-profit SOS Residential Guarantee Plan The Organization Guarantee de Construction Residential (GCR) has launched an awareness campaign to protect buyers.
Here’s what comes out
1) Have a professional builder accompany you when viewing the property
Pre-acceptance of your new home is a step that is “not only mandatory, but crucial for any buyer,” estimates GCR, who recommends having a builder guide you to avoid any unpleasant surprises.
2) Report problems as soon as possible
Buyers should be proactive in reporting a problem in a timely manner for it to be considered a claim. Otherwise there is a risk that the latter will worsen over time and can no longer be detected.
3) Take precautions when making a deposit
If paying a partial payment – a down payment – is common when buying a new property, it’s a good idea to take precautions, particularly by contacting the nonprofit organization to cover the riot.
For its part, the Consumer Agency on its website recommends researching the retailer and trying to negotiate as little as possible, knowing that they could go bankrupt before the finished product is delivered.
4) Get your own real estate agent involved
Sometimes a real estate agent represents the developer when buying a new property. According to Sandra Barrette, director of the information centre, OACIQ recommends hiring the services of your own broker, if necessary, “to represent you and defend your interests”.
It also specifies that the OACIQ License Holders’ Register allows a real estate agent’s file to be consulted.
5) Find out about additional condo responsibilities
Buying a home or condominium comes with special responsibilities as it involves community and private shares, a co-ownership community and mandatory suretyship regulations.
The RGCQ advises to be well-informed in order to “make its decisions in full knowledge of the facts”, stressed Director-General Denise Brosseau.