Overview
Recording a sale allows you to transfer ownership of one or more units from one group of co-owners to another while maintaining a history of transactions within the property.
You can initiate a sale in two ways: by marking the units as being sold and adding the buyers once their information becomes available, or by initiating the sale when creating the new owners' profiles.
The screenshots show the French interface. The instructions provide the corresponding English labels.
TABLE OF CONTENTS
- Where to find the feature
- Initiating a unit sale
- Completing a sale
- Related articles
- Frequently asked questions
WHERE TO FIND THE FEATURE
To initiate a sale:
Go to REGISTERS > RESIDENTS.
To track and complete a sale:
Go to REGISTERS > All features > Sales history.
INITIATING A UNIT SALE
Sale in progress — buyer unknown
Use this option when you know that units are being sold, often because a notary has contacted you for information, but you do not yet know who the buyers are.
1) Click the sale icon in the OPTIONS column beside the co-owner selling a unit.
You can also open the co-owner's profile, click ACTIONS, and select SELL ONE OR MORE UNITS.
2) Select the unit or units being sold, then click INITIATE SALE.
Note: If you are selling a parking space or storage locker currently linked to a condo unit, you must unlink them first. Go to REGISTERS > UNITS to unlink the units.
3) You will be redirected to the sale editing screen. Enter the information currently available to you, then click SAVE. The sale is now in progress. You can track it in the sales register under REGISTERS > SALES.
Note: When a sale is initiated, the system automatically ends the sellers' current pre-authorized debit arrangement, if applicable, to prevent withdrawals from their account after they no longer own the units. The label SALE IN PROGRESS will appear beside the unit on most portal screens.
Completed sale — buyer known
Use this option when you have been informed that units have been sold and you have the buyers' information.
If you only need to complete a sale already in progress, see Completing a sale below.
1) Create the group of buyers.
2) Select the INITIATE A SALE checkbox.
3) Select the group of sellers from the drop-down menu that appears, then click SAVE.
4) Select the units purchased by the new group of co-owners, then click INITIATE SALE.
5) Continue to Completing a sale.
COMPLETING A SALE
1) Go to Sales history, then open the sale you want to document or complete.
2) On the sale editing screen, enter the information available to you.
3) Once the information is available, add the new group of co-owners. In the units section, enter or verify each co-owner's ownership percentage. For example, if two people purchase a condo, do they each own 50%, or is ownership divided differently, such as 75% and 25%?
4) Once the sale has taken place, the sale date has been entered, and the buyers have been added, click PROCEED WITH OWNERSHIP TRANSFER. The buyers will become the owners of the units. The sellers will be archived in the registers if they no longer own any units in the condominium association following the sale.
5) Enter the date the assessment notice was sent to the buyers to confirm that they have been informed of their condo fees and payment procedures.
6) Once all required fields, marked with a red asterisk (*), have been completed, click SAVE. The completed sale will appear with the status Finalized in the sales register.
Related articles
How to Create the Residents Register (French article)
Frequently asked questions
Q: My group of buyers includes three people. How should I divide ownership of the units?
A: To ensure that the total equals exactly 100%, assign an ownership percentage of 33.333333% to two buyers and 33.333334% to the third. Using the maximum number of decimal places helps minimize or eliminate the impact of rounding on the allocation of unit ownership and the associated shares among the buyers.