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MANDATORY FORM EXCLUSIVE BROKERAGE CONTRACT ? DIVIDED CO-OWNERSHIP FRACTION OF A CHIEFLY RESIDENTIAL IMMOVABLE HELD IN DIVIDED CO-OWNERSHIP Unusable for a transaction NOTE ? This form is been used

How to fill out divided co-ownership - oaciq

How to fill out divided co-ownership - OACIQ?

1. Start by obtaining the necessary forms: To fill out the divided co-ownership form, you need to acquire the form from the OACIQ (Organisme d'autoréglementation du courtage immobilier du Québec). This form may be available on their official website or through your real estate agent.
2. Provide accurate property information: Begin by providing accurate details about the property in question. This includes the property address, unit number, and any other relevant identifying information.
3. Specify co-ownership details: Indicate the type of co-ownership, such as undivided or divided, and provide any additional information regarding the co-ownership agreement or declaration of co-ownership.
4. Include essential information about the co-owners: Identify each co-owner and provide their contact information, including their full name, address, phone number, and email address. Make sure to indicate the percentage of ownership for each co-owner if applicable.
5. Describe the property allocation: In this section, you need to describe the use and allocation of the property. Outline the specific units, common areas, and any exclusive rights or restrictions associated with the co-ownership.
6. Provide financial information: Include details on the financial aspects of the co-ownership, such as common expenses, special assessments, and the method of calculating each co-owner's share. This information helps ensure transparency and clarifies financial responsibilities.
7. Consider additional clauses: Depending on the nature of the co-ownership, additional clauses may need to be included in the form. These can cover topics such as restrictions, rights of first refusal, or specific terms agreed upon among the co-owners.

Who needs divided co-ownership - OACIQ?

1. Property owners involved in shared ownership: Divided co-ownership forms are typically required by individuals or entities who participate in shared ownership of a property. This can include residential multi-unit buildings, condo associations, or commercial properties where ownership is divided among multiple parties.
2. Real estate professionals: Real estate agents, brokers, and other professionals involved in property transactions may also require knowledge of divided co-ownership forms. This knowledge proves useful when assisting clients in completing the necessary paperwork or when dealing with co-ownership issues.
3. Legal representatives: Lawyers and legal professionals who handle real estate matters may need to reference or complete divided co-ownership forms on behalf of clients. Their expertise ensures compliance with relevant laws and regulations and helps protect the parties involved in the co-ownership arrangement.

In conclusion, anyone involved in shared ownership of a property, particularly in the province of Quebec, may have a need for divided co-ownership forms provided by the OACIQ. It is essential to accurately complete these forms to ensure transparent communication and smooth co-ownership operations.

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