Joint venture in Québec. How to do it?

[DomLord]

Anybody knows if JV`s in Québec are different than the other provinces. Quebec use the ``Code Civil du Québec`` instead of the Common law.

Because of that, if I do a JV with a partner and I hold 100% of the title, there is now way to give protection for my investor on that title. They will be only protected by having a contract with me, but as far as I know there is no way to have mention of this contract on the title registration.



This is problematic, because I would not invest in such thing, so I`m not expecting anyone to step in with that kind of risk.

Dominic Lord
Québec City

 

[smmcguire]

QUOTE (DomLord @ Mar 19 2010, 02:06 PM) Anybody knows if JV`s in Québec are different than the other provinces. Quebec use the ``Code Civil du Québec`` instead of the Common law.

Because of that, if I do a JV with a partner and I hold 100% of the title, there is now way to give protection for my investor on that title. They will be only protected by having a contract with me, but as far as I know there is no way to have mention of this contract on the title registration.



This is problematic, because I would not invest in such thing, so I`m not expecting anyone to step in with that kind of risk.

Dominic Lord
Québec City




I can only say the laws regarding securities compliance are different in every province. You will need to seek legal advice from a securities lawyer to be sure. A real estate lawyer( notary) will not always have the answer, however, they may have completed a securities course as part of their trainning and they may be able to guide you in the right direction.

Just remember:
When doing anything with other people, depending on your relationship to them, Immediate family, long time friends, long time business assoc. . Anything past this will require you to be careful not to breach the securities act in La belle province or any province.

As for registering a caveat against the property, this is a realestate question for a notary.
Desole, je n`parle plus en francais, mais, je essaye .

Salute
Steve

 

[Jerome]

[quote user=DomLord]Anybody knows if JV's in QuÃbec are different than the other provinces. Quebec use the ''Code Civil du QuÃbec'' instead of the Common law.


Dominic,



Any luck getting some answers for your question? I'd be curious to hear about it. I moved to quebec city because of my work about a month ago and was looking forwrad to meet with some like minded investors in la belle province. Please let me know how things have been goign for you so far.



Jerome

 

[Alvaro Sanchez]

All my JVs in Quebec are in both title and mortgage... Yet, I remember asking my notary about this particular case and yes, there is an option that you can use to register against the title... I'll check with my notary this Friday and post my findings or get the proper name for the option.