{"id":2486,"date":"2023-08-26T09:54:09","date_gmt":"2023-08-26T13:54:09","guid":{"rendered":"http:\/\/melaniedubois.com\/?page_id=2486"},"modified":"2023-08-26T09:54:09","modified_gmt":"2023-08-26T13:54:09","slug":"english-who-pays-what","status":"publish","type":"page","link":"https:\/\/melaniedubois.com\/en\/english-who-pays-what\/","title":{"rendered":"Who pays what?"},"content":{"rendered":"<p><\/p>\n<p class=\"v2__page-description light-gray padding-bottom-20  p-with-border\" style=\"text-align: justify;\">Who pays the costs of the notary, the pre-purchase inspection or those of producing an up-to-date certificate of location?\u00a0Under what circumstances must a buyer pay compensation to a real estate broker?<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/mcusercontent.com\/93cd80b45544fad91b6b44d60\/images\/0cde44df-21a4-bff7-5f29-88982af3f3b3.png\" \/><\/p>\n<div id=\"PV-article-folder-669656\" class=\"ezrichtext-field\">\n<h2 style=\"text-align: justify;\">What does the buyer pay<\/h2>\n<p style=\"text-align: justify;\">For any transaction, it is strongly recommended to carry out a\u00a0pre-purchase inspection\u00a0by an inspector or a professional chosen by the buyer so that he buys with full knowledge of the facts, even if the seller has had a pre-sale inspection done.\u00a0Other expertise\u00a0could also incur costs and could be negotiated with the seller, for example, a water test, a pyrite, soil, iron ocher or radon test, or even carry out verifications of the installations. septic.<\/p>\n<p style=\"text-align: justify;\">When signing the deed of sale, which can occur at different times of the year, the notary will distribute\u00a0certain charges\u00a0, such as school taxes, municipal taxes, fuel oil.\u00a0If it is a multi-unit building, the notary will distribute the rents collected in advance.\u00a0In the case of a joint ownership, the common expenses and the special contributions could also be part of a distribution.<\/p>\n<p style=\"text-align: justify;\">In addition, the notary will charge\u00a0fees for his work\u00a0which are generally for the drafting of the deed of sale, the deed of loan and the publication of the deeds in the Land Registry.\u00a0The notary could recommend that the buyer take out\u00a0title insurance\u00a0if the seller&#8217;s titles are not completely clear.\u00a0This could be relevant in the case where, for example, there is a minor encroachment (such as a shed roof encroaching on the neighboring lot), a swimming pool installed on a public utility easement, etc.).<\/p>\n<h2 style=\"text-align: justify;\">The &#8220;Commission&#8221;<\/h2>\n<p style=\"text-align: justify;\">Remuneration\u00a0to the real estate broker, known as \u201ccommission\u201d, is based on free competition and is not set by the\u00a0<em>Real Estate Brokerage Act\u00a0<\/em>or\u00a0by the OACIQ or by any other law.\u00a0Generally, it is established according to a percentage of the sale price of the building and it is usually paid at the time of the signing of the deed of sale.\u00a0It can also be fixed or hourly, and can be paid as soon as the services are performed.\u00a0Since this is a service contract,\u00a0the goods and services tax and the Quebec sales tax\u00a0apply to the remuneration to be paid.<\/p>\n<p style=\"text-align: justify;\">In the case where the seller has also chosen to do business with a broker,\u00a0compensation sharing conditions are provided.\u00a0Thus, part of the compensation amount provided for in the seller&#8217;s brokerage contract will go to the buyer&#8217;s broker and will be deducted from what is provided for in the purchase brokerage contract.\u00a0It is therefore possible that the buyer will not have to pay the compensation provided for in his brokerage contract to purchase!<\/p>\n<p style=\"text-align: justify;\">Here is an example: the brokerage purchase contract provides for a compensation of 3%.\u00a0The buyer&#8217;s broker will receive a compensation sharing of 2% provided for in the sales brokerage contract.\u00a0The buyer will have to pay 1% of the price of the property purchased to his broker.<\/p>\n<h2 style=\"text-align: justify;\">Other costs to be expected<\/h2>\n<p style=\"text-align: justify;\">Once\u00a0officially the owner, the buyer will have to pay\u00a0the transfer duties\u00a0well known as the \u201cwelcome tax\u201d.<\/p>\n<p style=\"text-align: justify;\">There will also be moving costs and connection costs for various services (electricity, telephony, Internet, etc.).\u00a0There may be minor (eg painting, window dressing) or major (repairing a room such as a bathroom) work to be done.<\/p>\n<p style=\"text-align: justify;\">In short, it is recommended that you budget for the equivalent of at least 3% of the value of the property to cover the costs of taking possession and moving in.\u00a0For a $350,000 property, that&#8217;s $10,500.\u00a0This is a significant amount!<\/p>\n<p style=\"text-align: justify;\">This article does not mention all the costs to be expected, but of course, it lists the most common ones.\u00a0Joining a real estate broker to represent you allows you to take advantage of\u00a0the experience of a professional\u00a0, but also of all\u00a0the protections offered\u00a0by the\u00a0<em>Real Estate Brokerage Act<\/em>\u00a0.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><strong>Source :<\/strong> <a href=\"https:\/\/www.protegez-vous.ca\/partenaires\/organisme-dautoreglementation-du-courtage-immobilier-du-quebec-oaciq\/que-doit-payer-l-acheteur-dans-le-cadre-d-une-transaction-immobiliere?fbclid=IwAR0SGMVz5cGI6nSrVG9h9sRvQUX5DoRQKPWOf0U2LMneGhhR-D1S08yNvWk\">Article by OACIQ on the protegez-vous.ca on the 4th july of 2023<\/a><\/p>\n<p><strong>Link : <\/strong><a href=\"https:\/\/www.protegez-vous.ca\/partenaires\/organisme-dautoreglementation-du-courtage-immobilier-du-quebec-oaciq\/que-doit-payer-l-acheteur-dans-le-cadre-d-une-transaction-immobiliere?fbclid=IwAR0SGMVz5cGI6nSrVG9h9sRvQUX5DoRQKPWOf0U2LMneGhhR-D1S08yNvWk\">https:\/\/www.protegez-vous.ca\/partenaires\/organisme-dautoreglementation-du-courtage-immobilier-du-quebec-oaciq\/que-doit-payer-l-acheteur-dans-le-cadre-d-une-transaction-immobiliere?fbclid=IwAR0SGMVz5cGI6nSrVG9h9sRvQUX5DoRQKPWOf0U2LMneGhhR-D1S08yNvWk<\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\">You want to keep an eye on the market and your investment ?<\/p>\n<p style=\"text-align: center;\">We can periodically send you a list of sales in your neighborhood.<\/p>\n<p style=\"text-align: center;\">It&#8217;s FREE!\u00a0 No obligation on your part.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/mcusercontent.com\/93cd80b45544fad91b6b44d60\/images\/22eff594-89e6-7c93-0054-7fc2388cf7ae.png\" \/><\/p>","protected":false},"excerpt":{"rendered":"<p>Who pays the costs of the notary, the pre-purchase inspection or those of producing an up-to-date certificate of location?\u00a0Under what circumstances must a buyer pay compensation to a real estate broker? What does the buyer pay For any transaction, it is strongly recommended to carry out a\u00a0pre-purchase inspection\u00a0by an inspector or a professional chosen by [&hellip;]<\/p>\n","protected":false},"author":742,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-2486","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who pays what? - \u00c9quipe M\u00e9lanie Dubois<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/melaniedubois.com\/fr\/english-who-pays-what\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who pays what? - \u00c9quipe M\u00e9lanie Dubois\" \/>\n<meta property=\"og:description\" content=\"Who pays the costs of the notary, the pre-purchase inspection or those of producing an up-to-date certificate of location?\u00a0Under what circumstances must a buyer pay compensation to a real estate broker? 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