The delays of buying or Selling a Property
Several months may pass between the presentation of a promise to purchase to the seller and the signing of the deed of sale at the notary's office. The real estate market, the asking price and housing demand in the neighbourhood may affect the amount of time it takes to conclude the transaction. But what are some of the other possible delays?
Conditions in the promise to purchase
A promise to purchase may be conditional, among other things, on the obtaining of financing, an inspection of the property, the obtaining of a certificate of location, the analysis of the declaration of co-ownership in the case of a condo, etc.
Generally, about ten days are sufficient for these conditions to be met, depending on the time frame negotiated between the parties. A request to extend the time frame can be made in the event of a delay. Your real estate broker can take care of these issues to ensure that everything is done in accordance with the rules.
A promise to purchase may also be conditional on the sale of the buyer's property, which can extend the time frame for an even longer period.
Signing the deed of sale
Once all the conditions have been met, the necessary documents must be sent to the notary so that he or she can verify the title deeds as well as analyze the seller's declaration and certificate of location. The notary will also prepare the necessary documents for the transfer of ownership.
A delay in the delivery of documents necessary for the sale may increase the amount of time that passes before the deed of sale is signed. In addition, the signature date may differ from the date of taking possession. These time frames can be negotiated between the buyer and the seller. Your real estate broker will be able to help you.
A final period of time, normally 48 to 72 hours, is also to be expected before the seller receives the fruit of his transaction. This period is mandatory in order to allow the notary to publish the deed of sale in the Registre foncier du Québec (land register), to verify the registration of the deed in the index of immovables and to ensure that no other contract has been published between the signing of the deed of sale and its publication in the register.
Generally speaking, at least three months will elapse between the date of the acceptance of the promise to purchase and the signing of the deed of sale at the notary's office.