When buying Montreal Real Estate, buyers will almost always include a home inspection as one of their conditions. This is very important and no buyer of Montreal real estate should ever purchase a property without having it properly inspected by an professional building inspector. This is especially true when purchasing a single family home or a revenue property.
First of all a buyer of Montreal real estate should chose an inspector accredited by the AIBQ. (L’Association des Inspecteurs en Bâtiment du Québec) The inspection will cost approximately $500 and it is worth every penny. Inspectors will do a visual inspection of the Montreal real estate property and will look at everything from the roof down to the basement. A few days following the inspection, the buyer will receive a detailed inspection report. This will outline, among other things, any problems found with the building as well as estimated costs for fixing the problems. A substantial problem found during an inspection may give a Montreal real estate buyer the cause for a price reduction or, in some cases, a dismissal of the offer all together.
An exception to the inspection rule can apply when purchasing certain condominiums. When purchasing a recently built condominium, for example, an inspection of the co-ownership documents will usually suffice. A physical inspection of the interior of the condo by a building inspector will not really be necessary. Instead it is important in this case to add a clause in our offer that allows the buyer to inspect co-ownership documents including financial statements and meeting minutes. Reading through the minutes will allow us to ascertain any problem with the building that may have been discussed while the financial statements will give us an idea of where money has been spent and where it will be spent in the future. It also gives us a clear indication of the state of the reserve fund.