Co-operating broker
Represents the other party: presents their clients, communicates with me and passes on their offers. They are also bound by OACIQ rules.
Guides
Selling a seniors’ residence
Immobilier Pierre Vinet Inc. — Pierre Vinet, real estate broker — eXp Real Estate Agency
A seniors’ residence is a building, a business and a home all at once. Here is how the file is prepared, with confidentiality in mind, and who does what.
Who it is for: owners and operators of a private seniors’ residence (RPA) considering a sale.
General information only. This guide describes a way of working; it is not legal, tax, accounting, technical or financial advice, and it does not replace the advice of a notary, lawyer, accountant, inspector or lender. The timeline is indicative: no deadline, price or result is promised, and every file is different.
Understanding the process
The buyer of an RPA analyses the building, but also the operation: compliance certificate, occupancy, rates, services, staff and contracts. Some documents concern residents or employees: they are provided without personal information, and only to qualified buyers.
This guide presents the path and the documents specific to seniors’ residences. It describes a way of working; questions of regulation, taxation or permit transfer are for your advisers.
The steps and who does what
- You
- Together
- Me, the broker
Step 1 : Preparation
indicative When : Before going to market
We clarify your goals and how to sell, and gather the building and operating documents.
You
- Tell me about your goals, your timeline and the continuity you wish for residents
- Gather the documents on the list below (building, operations, services)
- Consult your accountant, lawyer or tax adviser on the structure of the sale
Together
- On-site meeting: physical audit of the building and inventory of inclusions
- Analysis of income, expenses, rates and occupancy
- Discussion of the sale structure (assets or shares) with your advisers
- Agree on the listing price and on the terms of the brokerage contract (compensation and duration)
- Identity verification, Law 25 consent and confidentiality agreement
Me, the broker
- Preliminary remote meeting and timeline of milestones
- Value analysis by the income and comparison approaches
- Checking the zoning, uses and occupancy certificates
- Electronic document register and notice of anything missing
Step 2 : Marketing
indicative When : After the brokerage contract is signed
Distribution is confidential: the name and the details of the operation are shared only with qualified buyers.
You
- Validate the anonymous sheet and the profitability sheet
- Plan with your team how showings will be organized to limit the impact on residents
Together
- Review of the documentation before it is distributed
- Choice of optional services, if any
Me, the broker
- Anonymous sheet and information package for qualified buyers
- Distribution to a network of investors and operators, and on specialized platforms
- Financial and operational qualification of buyers before any visit or release of confidential documents
Step 3 : Negotiation
indicative When : When a proposal is received
Each proposal is presented objectively, with its conditions: financing, due diligence, transition.
You
- Read each proposal: price, possession, conditions, transition
- Decide: accept, decline or make a counter-offer
- Consult your lawyer or accountant if needed
Together
- Analysis of the proposals and of the options for responding
- Drafting of counter-offers
Me, the broker
- Present each proposal objectively
- Represent your interests in the negotiation, without guaranteeing its outcome
Step 4 : Conditions and due diligence
indicative When : Between acceptance of the proposal and signing
The buyer verifies the building, the leases, the operation and compliance.
You
- Give access to the building and to the operating documents
- Provide the clarifications requested promptly
- Inform the people concerned by the change, at the agreed time and according to the rules that apply
Together
- Review of the inspection results and of the environmental assessment, if any
Me, the broker
- Co-ordination of the due diligence period
- Follow-up of financing and of the conditions of the offer to purchase
Step 5 : Notary
indicative When : Up to signing
The notary and your legal advisers see to the closing.
You
- Choose your notary and send them the information requested
- Ask the lender for the mortgage balance and the discharge terms
- Prepare the transition with the buyer
Together
- Check that the commitments of the agreement are met
Me, the broker
- Work with the notaries and legal advisers for the closing
- After-sale follow-up: I remain available to answer your questions
Indicative timeline
Time limits to know about (indicative)
- Certificate of location: producing one can take 4 to 6 weeks, and the notary may require receiving it at least 20 days before the transaction.
- Time limits tied to the compliance certificate, the authorities or the transfer of permits follow their own calendar: your advisers will confirm them.
- Due diligence and financing are negotiated between the parties: no timeline is promised.
Information and documents to gather
Tick items as you go: your progress is kept in this browser. You can also print the list. Documents concerning residents or staff are provided without personal information.
General information only. This guide describes a way of working; it is not legal, tax, accounting, technical or financial advice, and it does not replace the advice of a notary, lawyer, accountant, inspector or lender. The timeline is indicative: no deadline, price or result is promised, and every file is different.
Your progress is kept in this browser, on this device, and nowhere else.
Photos and showings are scheduled with respect for residents: no image of a resident is taken or published without their consent.
The stakeholders
Notary
Verifies title, drafts and oversees the signing of the deed of sale, then sees to its registration in the land register. The notary gives the legal advice specific to the transaction.
Lawyer
When needed, for a particular legal situation: estate, dispute, ownership structure, tailored contract.
Accountant or tax adviser
Explains the tax consequences of a sale or a purchase. I do not give tax advice.
Lender (financial institution)
Reviews the financing application, provides the seller’s mortgage balance and discharge, and may require an appraisal of the property.
Accredited appraiser
Produces a formal valuation, often required by a lender. It is different from the comparative market analysis (CMA) that I carry out.
Environmental assessment firm
Phase I or Phase II assessments when required (commercial property, land, some seniors’ residences).
Engineer or building expert
Roof, structure, mechanical systems, façades: targeted expertise when the general inspection is not enough.
Authorities and agencies
Depending on the file: Tribunal administratif du logement (leases), Santé Québec and CISSS (seniors’ residences), Registraire des entreprises.
Municipality
Zoning, assessment roll, taxes, permits, notices or violations: the public information that concerns the property.
Role and responsibilities of the broker
- Keep you informed in plain terms: the process, the forms, the documents and the deadlines of each stage.
- Advise you with honesty, competence, loyalty and diligence, in line with Quebec’s Real Estate Brokerage Act and OACIQ rules.
- Tell you the important facts I am aware of that may influence your decision.
- Draft, or guide you through, the OACIQ forms, and explain what they mean.
- Verify the identity of the parties and protect your personal information (Law 25 consent).
- Co-ordinate communications, documents and the follow-up of conditions between the parties and the professionals involved.
- Refer you to the right professional — notary, lawyer, accountant, inspector, lender — for any legal or tax advice: a broker does not give it.
- Promise no result: price, timelines, number of showings or offers depend on the market and on the parties.
My brokerage activities are governed by Quebec’s Real Estate Brokerage Act. As a client, you benefit from the Fonds d’indemnisation du courtage immobilier (FICI) and from brokers’ professional liability insurance.
Services provided
Included in my mandate
- Comparative market analysis (CMA): comparable sold, expired and active listings
- Document audit: collection, verification and review of the titles and documents required
- OACIQ forms: drafting and handling of the mandatory forms
- Detailed measurements of every room for an accurate fact sheet
- Quality photography, description and entry of the listing on Centris
- Exposure: distinctive sign, Centris, Realtor.ca, personal websites and the eXp network
- Distribution to co-operating brokers and to my network of buyers
- Social media posts
- Open house, if you wish
- Lockbox for showings accompanied by a broker
- Showing management: scheduling and screening of requests
- Financial qualification of direct buyers before their visit
- Objective presentation of offers to purchase and negotiation of your interests
- Co-ordination with the notary and the other stakeholders through to signing
Tailored options
- Staging of the property (physical or virtual)
- Professional photography and aerial views (drone)
- 3D virtual tour and promotional video
- Digital brochure and a web page dedicated to the property
- Paid digital advertising and a targeted postal campaign
These options involve production or advertising costs: you choose them, and their cost is discussed before any commitment.
Ready to structure your project?
A first conversation to take stock of your situation, your goals and the next steps. It commits you to nothing.
Your broker : Pierre Vinet, residential and commercial real estate broker. Immobilier Pierre Vinet Inc. — eXp Real Estate Agency.
