News

I want to start selling condos for my new project and use buyers’ deposits to inject them into the construction, is this possible?

News – published on 19 November 2020

As of January 10, 2020, the Civil Code of Quebec stipulates that despite any agreement to the contrary (specially in the preliminary contract), any deposit paid to a builder or a promoter for the purchase of a fraction of an immovable under divided co-ownership must be fully protected by one or more of the following means: a guarantee plan, insurance, a suretyship or a deposit in a trust account of a member of a professional order determined by government regulation. It is therefore possible to use them, but in compliance with this provision.

For more information contact our real estate law team: https://www.cainlamarre.ca/en/expertise/real-estate-law/