Selling an income property without a broker is not exotic: most buildings of 6 units and more change hands off-market, between owners and buyers who talk directly. What changes is that you keep the commission — 4 to 6% of the price — and you control the pace. Here is how it goes, from the first call to the notary.
Before talking to anyone, do the income calculation (see our guide “How much is my multiplex worth?”). You will recognize a serious offer from a low one, and you will not need a third party to tell you.
The rent roll (each unit, its rent, the lease date), last year’s expenses (taxes, insurance, energy, maintenance), the municipal and school tax bills, the certificate of location (if under ten years old) and the list of work done in the last five years. With these, a direct buyer can give you a written offer the same week. Without them, everyone guesses, and guesses cost the seller.
Listing publicly attracts the curious, first-time investors without financing, and tenants who worry. A buyer who regularly purchases multiplexes in your area, has the capital and keeps tenants in place spares you the parade of showings. Ask for seller references: if there are none, move on.
A serious offer is written and states the price, the deposit, the signing date and the conditions. Normal conditions: inspection, document review, sometimes financing. Beware of a very high offer with three pages of conditions — it is usually an offer that gets renegotiated down after inspection. Prefer a fair price and short conditions.
The buyer visits the units (24 hours’ notice to tenants is enough), has the building inspected and checks the leases. Two to three weeks. A buyer who purchases as is will not ask you to repair anything: the work is already priced in.
In Québec every sale goes through a notary, who drafts the deed, checks title and prorates taxes and the month’s rents. The notary’s fees are usually paid by the buyer. You pick the date: four weeks out, or six months if you need time.
Leases follow the building: the new owner takes them over as they are. You hand over the leases, the rent-increase notices sent and the tenants’ contact details. A buyer who manages his own buildings tells the tenants the day of signing — that is what prevents worry and departures.
Signing a promise to purchase with a buyer who lacks the capital and then tries to flip your building to someone else. Accepting a verbal offer: until it is written, there is no offer. And underestimating tax: before setting your price, read our capital gains guide to know what you will really keep.
We buy 6 to 100-unit buildings across Québec, as is, cash, and we keep the tenants. Start with the value range: 60 seconds, no obligation.
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