[BUYING AND SELLING REAL ESTATE IN CANADA - QUÉBEC]
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(i.e., a condominium), must be prepared exclusively in French. Furthermore, all supporting documents accompanying a registration request (for example, proof of service of a notice or judgment, a certificate of death, etc.) must be in the French language, or if drafted in another language, must be accompanied by a French version certified by a licensed translator. IX. ANNUAL COSTS FOR PROPERTY OWNERSHIP In addition to the purchase price, a buyer must typically budget for the following annual expenses of property ownership: A. Property Insurance (including boiler and machinery, fire, damage and liability). B. Property Taxes (municipal, school, water, special assessments); if all or part of the property is rented out, the rental income will be subject to income tax in the hands of the landlord. C. Operating expenses (e.g., utilities, maintenance, repairs). CONCLUSION Real estate is an area of interest for most people, regardless of their profile and focus, whether as an owner, tenant, landlord, or merely someone who keeps an eye on the economy, as fluctuations in the real estate market are often seen as a reliable barometer of its state and condition. In addition to demanding a deep understanding of the ever-changing real estate market and conditions, the field covers a vast landscape of legal issues, such as leasing, commercial and corporate law, litigation (including arbitration, mediation, and other forms of dispute resolution), financing, construction, tax, co- ownership and condominium law, municipal law, bankruptcy and insolvency and
environmental law, many of which come into play in any real estate transaction.
ILN Real Estate Group – Buying and Selling Real Estate Series
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