The conversion of an undivided condominium to divided co-ownership
The conversion of a building, duplex or multiplex, is an operation that involves converting an undivided co-ownership (in which the owners have a certain share determined in the deed of title) into divided co-ownership (in which owners have their apartment as an exclusive portion and also a share of common portion).
Do you need a notary to convert into a divided co-ownership?
The Notary is a lawyer appointed by law to assist you in converting into divided co-ownership. You should show that you have respected the legal requirements. Depending on whether the building is occupied by the only co-owners or co-owners and tenants, it needs to obtain various authorizations (exemptions or certificates from municipality and the Rental Board) to follow up (implement) this project. The notary must follow certain steps such as notify the tenants, get a cadastral division, prepare and publish the declaration of divided co-ownership, obtain the consent of the creditor if the property is mortgaged. Mtre. Levy is also able to prepare for your hearing before the Stage manager of the Rental Board.