Tips for buying
Determine your individual needs
The reasons for buying and selling a property vary from person to person. This is why discussing your specific needs with me, before we meet, is so important. We’ll discuss the location, price point, type of property, number of rooms, the local environment, public services, etc., the list goes on!
Check with your financial institution to find out how much of a mortgage you can afford.
Need help analyzing your needs? Please leave your name, address and phone number, we’ll get back to you quickly.
RE/MAX Immo-Contact Inc.
Denis Pelletier Team
Phone: 514 499-6968
When buying a property
Remember to inform your service provider before you move and find out about the services at your new location. (See form below.) View and print the form.
Expenses to cover at the signing
- Notary fees
- Tax payments: The seller’s refund (if applicable) and tax payments must be calculated as of the occupation date. You will also have to reimburse the seller for the number of days in which the following taxes have already been paid:
- Municipal property taxes
- School taxes
- Heating oil: If the property is equipped with a heating oil tank,the seller must fill the tank by the day the deed of sale is signed and provide an invoice to the buyer, which he or she must repay in full.
- Electricity meter (Hydro-Québec) and gas (Gaz Metro): The buyer and seller must notify Hydro-Québec and Gaz Métro (if applicable) of the change in ownership date. A meter reading should be recorded on this date to make sure the appropriate amounts are charged to each party on the date the property changes hands.
- Home insurance: Remember, when you sign the deed of sale, you must provide proof that home insurance is in effect, for an amount equivalent to or greater than the mortgage.
Expenses to expect after signing the deed of sale
- Duties on the transfer of the immovable, more commonly known as the Welcome Tax. The municipality you have moved to will send you a tax bill for the land transfer in the weeks following the signing of the deed of sale. To calculate this tax, your starting point must be the highest value between the municipal evaluation and the purchase price.
- Calculation of the Quebec Land Transfer Tax is based on the highest of the following:
- The assessment roll values (multiply by the factor of the roll)
- The price paid (compensation provided in consideration of the transfer)
- The compensation specified by the transfer
- As of January 1, 2018 (February 1, 2018 in Montreal), the amount of the tax is calculated on the highest of the three tax bases, in accordance with the following rate schedule:
- 0.5 % on the first $50,400
- 1 % on all amounts between $50,401 and $251,800
- In the province of Quebec, outside of Montreal:
- 1.5 % on all amounts above $251,800
- In Montreal:
- 1.5 % on all amounts between $251,801 and $503,500
- 2 % on all amounts between $503,501 and $1,007,000
- 2.5 % on all amounts above $1,007,000
- Moving expenses, painting, interior decorating, curb appeal, etc.