The Survey Certificate is a crucial document in the field of real estate in Quebec, particularly during buying or selling transactions. Prepared by a licensed land surveyor, this certificate provides a graphical representation and a legal description of the property in question. It contains essential information such as the precise location of the property, its dimensions, easements, restrictions, and other rights that may affect the real estate.
Importance of the Survey Certificate:
Validation of Information: It confirms that the information provided in the sales contract, such as the dimensions and area of the land, is accurate.
Banking Requirement: Financial institutions often require this document to approve a mortgage loan, thus ensuring that the property is free from any dispute or restriction that could affect its value.
Dispute Resolution: In case of disagreement or dispute concerning the property boundaries, the certificate serves as a legal reference.
Validity Period: Generally, the certificate is valid for a period of ten years, although certain events, like cadastral changes, may require a quicker update.
Cost: The cost of obtaining a Survey Certificate can vary but is generally between $1,200 and $2,000.
Preparation Time: The time to obtain this document can vary from a few weeks to several months, depending on the complexity of the property and the workload of the land surveyor.
Legality: This document is often required to meet legal and regulatory requirements, especially concerning easements and environmental protection zones.
Transparency: It offers complete transparency to the parties involved in the transaction, thus minimizing the risks of misunderstandings or future disputes.
Update and Validity: It is imperative that the certificate is up-to-date. An obsolete certificate can lead to legal and financial complications. The validity period is not fixed and depends on several factors such as legislative changes or modifications made to the property.
In conclusion, the Survey Certificate is an indispensable tool in the field of real estate in Quebec. It plays a crucial role in securing real estate transactions for all parties involved. Therefore, it is in the interest of all—sellers, buyers, and financial institutions—to understand its importance and ensure that it is up-to-date and compliant.