It is a property sold by a mortgage lender, usually a financial institution, after the borrower stopped repaying the loan. The lender sells it after exercising a hypothecary remedy under the Civil Code of Québec.

The data covers repossessions (lender and judicial sales).
Taking in payment: the lender becomes the owner through a court judgment or with the owner’s consent, then sells the property like any seller, usually without legal warranty.
Sale under judicial authority: the lender sells a property it doesn’t own, under the court’s supervision, often through a broker, usually without legal warranty.
Sheriff’s sale (judicial sale): a court officer (huissier) sells the property, typically by public auction.
These properties are usually sold without legal warranty; an inspection is recommended.

Before taking or selling a property, the lender must serve the owner a prior notice of the exercise of a hypothecary right and register it at the land registry. For an immovable, the owner generally has 60 days to cure the default before the lender can go further.

It is a sale authorized by the court, which sets the conditions (minimum price, deadlines, method of sale) and appoints the person in charge of selling. The other common remedy is taking in payment: the lender becomes the owner and then resells the property itself.

Usually not. Most repos are sold without the legal warranty of quality, at the buyer’s risk. The seller, which has often never lived in the property, knows little about its history, and its disclosures are usually limited.

Yes, and it is strongly recommended. Plan a pre-purchase inspection by a qualified inspector and, if needed, specialized checks (drains, roof, pyrite, dry rot, oil tank). The offer can be conditional on the inspection, depending on what the seller accepts.

As with a regular purchase: a mortgage from a lender, with a pre-approval before making an offer. A property that needs major work can be harder to finance; some lenders offer purchase-plus-improvements programs.

Usually longer than a sale between individuals. The institution must approve the offer internally, which can take a few business days, and a sale under judicial authority follows the deadlines set by the judgment. Allow some flexibility for the signing date at the notary.

Not necessarily. The property is often sold “as is” and items left on site are not guaranteed. Check the list of inclusions and exclusions on the listing and in your promise to purchase.

Yes. The property transfer duties (“welcome tax”) apply as for any purchase. The municipality calculates them on the higher of the price paid and the adjusted municipal assessment (comparative factor). Rates vary by municipality, and Montreal applies higher brackets.

No. The asking price is often based on an appraisal, and several offers may be submitted. Compare with recent sales in the area and account for the work needed before setting your price.

You can be represented by the broker of your choice for the search, the offer and the negotiation. In Québec, the deed of sale of a property is signed before a notary, who also checks the title and registered rights.