{"id":1857,"date":"2020-06-09T17:51:15","date_gmt":"2020-06-09T21:51:15","guid":{"rendered":"https:\/\/www.prevel.ca\/guide-dachat\/glossaire\/"},"modified":"2022-10-19T18:10:02","modified_gmt":"2022-10-19T22:10:02","slug":"glossaire","status":"publish","type":"page","link":"https:\/\/www.prevel.ca\/en\/glossary","title":{"rendered":"Glossary"},"content":{"rendered":"<div class=\"wp-block-buttons  flex items-center mb-8 last:mb-0 flex-wrap\">\n    <a class=\"button button--back inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking\" href=\"https:\/\/www.prevel.ca\/en\/buyers-guide\" target=\"\" >    <span class=\"inline-block icon icon--arrow-back mr-2 relative left-0 transition-all group-hover:-left-1\">   <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"5\" height=\"6\" viewbox=\"0 0 5 6\"><polyline fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"square\" points=\".828 16 .828 12 4.828 12\" transform=\"rotate(-45 -9.864 7.086)\"\/><\/svg> <\/span>  <span class=\"relative z-10\">   Buying tips <\/span>     <\/a>      \n  <\/div>\n\n\n\n<h1 class=\"has-text-align-left wp-block-heading\">Glossary<\/h1>\n\n\n<div class=\"block glossary align mb-20 md:mb-40\" id=\"block_7a4e0b676c8992efd0a5311c3ab52627\">\n    <nav class=\"flex flex-wrap mb-12 md:mb-24\">\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-a\">\n          a\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-b\">\n          b\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-c\">\n          c\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-d\">\n          d\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-e\">\n          e\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-f\">\n          f\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-g\">\n          g\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-h\">\n          h\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-i\">\n          i\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-j\">\n          j\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-k\">\n          k\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-l\">\n          l\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-m\">\n          m\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-n\">\n          n\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-o\">\n          o\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-p\">\n          p\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-q\">\n          q\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-r\">\n          r\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-s\">\n          s\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase \" href=\"#glossary-t\">\n          t\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-u\">\n          u\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-v\">\n          v\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-w\">\n          w\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-x\">\n          x\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-y\">\n          y\n        <\/a>\n              <a class=\"inline-block mx-1 text-3xl font-medium uppercase  text-dark\/40 pointer-events-none \" href=\"#glossary-z\">\n          z\n        <\/a>\n              \n    <\/nav>\n                  <div class=\"mb-10\" id=\"glossary-a\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            a\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                After-sales service\n              <\/h3>\n              <p>To ensure complete satisfaction, our after-sales service team is responsible for guiding buyers through each step of the purchasing process.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/contact\/customer-service\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Customer satisfaction\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n                  <div class=\"mb-10\" id=\"glossary-b\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            b\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Board of directors or condo association\n              <\/h3>\n              <p>Made up of co-owners appointed during a general meeting, the condo association is responsible for managing the property. Decisions are made democratically: during general meetings, each co-owner is entitled to a number of votes based on the relative value of their condo.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/divided-co-ownership-rules\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Divided Co-Ownership 101\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<br \/> <a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/abcs-co-ownership-life\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  The ABCs of Co-Ownership Life\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n                  <div class=\"mb-10\" id=\"glossary-c\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            c\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Co-ownership fees or condo fees\n              <\/h3>\n              <p>Condo fees are paid monthly by each co-owner. These fees serve to cover the cost of  running the building, and are calculated for each unit based on the relative value of  your share or fraction.<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Common areas\n              <\/h3>\n              <p>In a divided co-ownership, the common areas are shared by all owners. This may  include corridors, elevators, but also urban chalets, fitness centres or pools. Pr\u00e9vel  was one of the first developers to focus on these areas to create living environments  with residents in mind.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/about\/expertise\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Our expertise<\/a<\/p>\n<\/span>\n\n\n  <\/a>\n\n\n \n\n\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Construction\n              <\/h3>\n              <p>The construction phases of a new condo project include, among others, the  foundation, structural, envelope and finishing work.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/phases-of-construction\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  The Phases of Construction\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Contingency fund\n              <\/h3>\n              <p>Established by the board of directors of the co-ownership, the contingency fund is a sum of money set aside to cover any future building upkeep of major renovations. Each co-owner must contribute annually to the fund.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/divided-co-ownership-rules\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Divided Co-Ownership 101<\/a<\/p> <p><a href=\"https:\/\/www.prevel.ca\/en\/abcs-co-ownership-life\">The ABCs of Co-Ownership Life<\/a<\/p>\n<\/span>\n\n\n  <\/a>\n\n\n \n\n\n            <\/div>\n                  <\/div>\n          \n                  <div class=\"mb-10\" id=\"glossary-d\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            d\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Delivery date\n              <\/h3>\n              <p>The date on which you take possession of your unit.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Divided condo or co-ownership\n              <\/h3>\n              <p>A divided co-ownership means that you are the owner of a share of the building\u2019s common areas (e.g. elevator, terrace, etc.), while your condo or private area is exclusively yours. Contrarily to an undivided co-ownership, your apartment has its own lot number with cadastre and its own school and municipal taxes. You can also sell or mortgage your property as you please.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/divided-co-ownership-rules\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Divided Co-Ownership 101\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<br \/> <a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/abcs-co-ownership-life\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  The ABCs of Co-Ownership Life\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<br \/> <a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Down payment\n              <\/h3>\n              <p>We require a 15% to 20% deposit of the total unit price paid in three instalments: the first is due when signing the contract, the second three months later, and the third three months after that.<\/p> <h5><strong>To read more on the subject:<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n              \n                  <div class=\"mb-10\" id=\"glossary-f\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            f\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Finishes\n              <\/h3>\n              <p>Every condo project offers co-owners a selection of unique finishes to personalize their home. This includes flooring, cabinets, countertops, and ceramic tiles.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/choice-of-the-finishes\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Selection of Finishes 101\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Fraction\n              <\/h3>\n              <p>The relative value of your fraction (your unit in proportion to the property as a whole)  determines, among others, your number of votes and your condo fees.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/divided-co-ownership-rules\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Divided Co-Ownership 101\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<br \/> <a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n              \n                  <div class=\"mb-10\" id=\"glossary-h\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            h\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Home Buyer\u2019s Plan (HBP)\n              <\/h3>\n              <p>The HBP program allows buyers who have not owned a property in the last four years  to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP)  without penalty to buy or build a qualifying home.<\/p> <p>Buyers then have 15 years to pay back the withdrawn funds.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n              \n              \n              \n              \n                  <div class=\"mb-10\" id=\"glossary-m\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            m\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Management company\n              <\/h3>\n              <p>Initially chosen by Pr\u00e9vel, the management company is responsible for maintaining  common areas and overseeing operations. The board of directors made up of elected  co-owners can then opt to keep the same management company, replace it with a  different one, or manage the condo themselves.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/divided-co-ownership-rules\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  Divided Co-Ownership 101\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Mortgage loan\n              <\/h3>\n              <p>The amount lent by the bank to buy your condominium. You must pay back this loan  according to the frequency (monthly, bimonthly, etc.), term, and interest rate agreed  upon with your bank.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Mortgage loan insurance\n              <\/h3>\n              <p>Banks will lend up to 80% of the purchase price of a home. If your down payment is  less than 20% of the purchase price, you must get mortgage loan insurance. This  premium is added to your mortgage loan and the insurance policy is subject to a 9%  tax, which must be paid on the day you close the sale.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Municipal and school taxes\n              <\/h3>\n              <p>These taxes will vary according to the value of your property and the rates determined  by the city where you live.<\/p> <h5><strong>To read more on the subject<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n              \n                  <div class=\"mb-10\" id=\"glossary-o\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            o\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Off plan condo\n              <\/h3>\n              <p>A condo that is purchased before it is built. The buyer relies on the project plans,  model units, photos and 3D renderings to choose their unit.<\/p> <h5><strong>To read more on the subject:<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/benefits-buying-off-plan\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  The Benefits of Buying Off Plan\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n              \n              \n              \n                  <div class=\"mb-10\" id=\"glossary-s\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            s\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Sales tax\n              <\/h3>\n              <p>As with most products and services, the purchase price of a new home is subject to  GST and QST, which is just under 15%.<\/p> <h5><strong>To read more on the subject:<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n                  <div class=\"mb-10\" id=\"glossary-t\">\n          <div class=\"mb-10 uppercase border-b text-8xl\">\n            t\n          <\/div>\n                                  <div class=\"mb-10\">\n              <h3 class=\"mb-5\">\n                Transfer or \u201cwelcome\u201d tax\n              <\/h3>\n              <p>Every new owner must pay a municipal property transfer tax in the months following  the purchase of their home. The amount will vary according to the purchase price of  the residence and the municipality where the property is located.<\/p> <h5><strong>To read more on the subject:<\/strong><\/h5> <p><a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/budget\" target=\"\" >\n\n\n<span class=\"relative z-10\">\n  A Project For Every Budget\n<\/span>\n\n\n  <\/a>\n\n\n \n\n<\/p>\n            <\/div>\n                  <\/div>\n          \n              \n              \n              \n              \n              \n              \n        \n  <\/div>\n\n\n\n<div class=\"wp-block-group buying-astuces has-light-grey-background-color has-background wp-block-group--has-articles-carousel\"><div class=\"wp-block-group__content\"><div class=\"wp-block-group__content__inner\"><div class=\"wp-block-columns are-vertically-aligned-bottom wp-block-columns--count-2\"> <div class=\"wp-block-column is-vertically-aligned-bottom\"> <h2 class=\"wp-block-heading\">More tips<\/h2> <\/div>    <div class=\"wp-block-column is-vertically-aligned-bottom has-tablet-text-align-left has-mobile-text-align-left\"><div class=\"wp-block-buttons has-mobile-text-align-left  justify-end flex items-center mb-8 last:mb-0 flex-wrap\">     <a class=\"button button--underline inline-flex items-center justify-center mr-6 last:mr-0 mb-6 last:mb-0 font-medium text-lg leading-[1.1111] text-dark cursor-pointer group tracking py-[3px] relative after:block after:absolute after:left-0 after:bottom-0 after:w-full after:bg-dark after:h-px after:scale-100 after:origin-right after:transition-transform hover:after:scale-x-0 hover:after:origin-left !inline\" href=\"https:\/\/www.prevel.ca\/en\/buyers-guide\" target=\"\" >   <span class=\"relative z-10\">   Back to tips <\/span>     <\/a>         <\/div> <\/div> <\/div>  <div class=\"block articles-carousel align relative md:px-14 xl:px-0\" id=\"block_a92e45d5d19f87d0aeba52579d4ef949\">       <div class=\"swiper mobile:w-[calc(100%+var(--block-lr-padding))]\">       <div class=\"swiper-wrapper\">                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/buyers-guide\/steps\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/etapes-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/etapes-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/etapes-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1722px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 Purchase steps               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/abcs-co-ownership-life\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-copropriete@2x-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"copropri\u00e9t\u00e9\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-copropriete@2x-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-copropriete@2x-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1402px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 The ABCs of Co-Ownership Life               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/divided-co-ownership-rules\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-divise@2x-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-divise@2x-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-divise@2x-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1402px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 Divided Co-Ownership Rules               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/budget\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-budget@2x-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-budget@2x-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-budget@2x-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1402px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 A Project for Every Budget               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/choosing-your-condo\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-condo@2x-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-condo@2x-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-condo@2x-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1402px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 Choosing Your Condo               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/benefits-buying-off-plan\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-plan2@2x-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-plan2@2x-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-plan2@2x-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1402px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 The Benefits of Buying Off Plan               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/phases-of-construction\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel_guide-achat-construction-header-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"La construction en bref\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel_guide-achat-construction-header-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel_guide-achat-construction-header-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1880px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 The Phases of Construction               <\/h3>              <\/a>           <\/div>                             <div class=\"swiper-slide mobile:!w-[75vw]\">             <a href=\"https:\/\/www.prevel.ca\/en\/choice-of-the-finishes\" class=\"block group\">               <div class=\"overflow-hidden mb-7 articles-carousel__image pt-[75.8333%] relative\">                 <div class=\"absolute top-0 left-0 w-full h-full transition-transform group-hover:scale-105\">                   <img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"546\" src=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-finition@2x-720x546.jpg\" class=\"attachment-related-article size-related-article wp-post-image\" alt=\"\" srcset=\"https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-finition@2x-720x546.jpg 720w, https:\/\/www.prevel.ca\/wp-content\/uploads\/prevel-guide-achat-finition@2x-1120x850.jpg 1120w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" style=\" --width:1402px\" \/>                 <\/div>               <\/div>               <h3 class=\"text-[36px]\">                 The Choice of the Finishes               <\/h3>              <\/a>           <\/div>                        <\/div>     <\/div>     <div class=\"absolute hidden transition-opacity -translate-y-1\/2 cursor-pointer -left-2 opacity-40 hover:opacity-100 xl:-left-[70px] md:block top-1\/2 articles-carousel__prev\">       <span class=\"inline-block icon icon--gallery-prev !block\">   <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"50\" height=\"50\" viewbox=\"0 0 50 50\"><g fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(-1 0 0 1 50 0)\"><circle cx=\"25\" cy=\"25\" r=\"24.5\" stroke=\"#000\"\/><polygon fill=\"#000\" fill-rule=\"nonzero\" points=\"14 11.678 13.224 10.885 7.554 16.549 7.554 0 6.446 0 6.446 16.549 .77 10.885 0 11.678 7 18.667\" transform=\"rotate(-90 22.667 8.333)\"\/><\/g><\/svg> <\/span>     <\/div>     <div class=\"absolute hidden transition-opacity -translate-y-1\/2 cursor-pointer -right-2 opacity-40 hover:opacity-100 xl:-right-[70px] md:block top-1\/2 articles-carousel__next\">       <span class=\"inline-block icon icon--gallery-next !block\">   <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"50\" height=\"50\" viewbox=\"0 0 50 50\"><defs><clippath id=\"gallery-next-a\"><path d=\"M7.554,0 L7.554,16.549 L13.224,10.885 L14,11.678 L7,18.667 L0,11.678 L0.77,10.885 L6.446,16.549 L6.446,0 L7.554,0 Z\"\/><\/clippath><\/defs><g transform=\"translate(.5 .5)\"><path fill=\"none\" stroke=\"#000\" stroke-miterlimit=\"10\" d=\"M24.5,49 C38.0309764,49 49,38.0309764 49,24.5 C49,10.9690236 38.0309764,0 24.5,0 C10.9690236,0 0,10.9690236 0,24.5 C0,38.0309764 10.9690236,49 24.5,49 Z\"\/><g clip-path=\"url(#gallery-next-a)\" transform=\"rotate(-90 22.167 8.333)\"><polygon points=\"0 0 14 0 14 18.667 0 18.667 0 0\"\/><\/g><\/g><\/svg> <\/span>     <\/div>   <\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Glossary<\/p>\n","protected":false},"author":30,"featured_media":0,"parent":1817,"menu_order":58,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":1,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"class_list":["post-1857","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Glossary for the buying process of a new condo | Pr\u00e9vel | Montr\u00e9al<\/title>\n<meta name=\"description\" content=\"Our 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