No Escrow in Montreal
We don’t hear about Escrows in Montreal. Believe it or not, my fellow Real Estaters (I think I just created a new word) from other provinces and countries.
The first time I heard, actually I didn’t hear it, I READ the word Escrow it was in a Condo Buyer’s Guide I picked up for my clients, and right next to the glossary description of escrow there was a note: Not applicable in Quebec.
Naturally I didn’t take interest on that word, up until I had to work with someone who demanded a escrow company and their contact number.
“A what? Escrow ??….Hmm, I think I’ve heard that before. Not sure where. Let me look into it.”
I’ve called two friends in the industry that have been in the business for about 20 years, and then I talked to my broker and there it was, the same answer: “A what? Never heard of it.”
Apparently, and up until today, there are no escrows companies in Montreal. Not it is used in the real estate transactions here. Maybe they are listed under a different name? If so, please enlighten us in the comments section.
So far, we haven’t have a demand for it. Good news for litigation lawyers.
PS: If you’re itching to know what escrow is, here is the wiki definition.
Posted By: Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889
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