What Documents Do You Need to Sell an Income Property? (Complete Checklist)
The complete list of documents to prepare before selling your plex or multiplex in Quebec — organized by category, with the reason each one is required.
Quick answer
To sell an income property in Quebec, prepare: leases and the rent roll, financial statements (revenues/expenses for 2–3 years), municipal and school tax bills, energy invoices, certificate of location, maintenance log and renovations, seller's declaration, and the mortgage balance. A complete file speeds up and secures the sale.
Leases · Financial statements · Taxes · Certificate of location · Seller's declaration
A well-prepared file makes the difference between a fast, firm offer and a prolonged negotiation with multiple conditions. Serious buyers — investors, direct buyers, and financed acquirers — all need the same core information to establish the property's value and secure their financing.
This checklist is organized by category so you can gather documents in logical order, with the reason each one is requested.
Documents by Category
Listed in priority order: financial and tenant documents first, building and legal documents next.
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Financial statements for the past 2 to 3 years Rental revenues and operating expenses (taxes, insurance, maintenance, management, energy). Basis for calculating net operating income (NOI) under the income approach recognized by Revenu Québec and certified appraisers.
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Mortgage statement with outstanding balance Allows the buyer to calculate required financing and assess prepayment penalty exposure.
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Annual energy invoices Heating and common-area electricity. Validates expense line items in the financial statements and allows the buyer to estimate potential savings.
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Evidence of parking, laundry, or other ancillary revenues Increases the NOI and therefore the property's value. Document separately from rental revenues.
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Current leases for each unit Required for any transaction. Leases follow the property upon sale (art. 1887 C.c.Q. — TAL). The buyer assumes the seller's rights and obligations toward each tenant.
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Rent roll Unit-by-unit summary: size, monthly rent, lease expiry date, tenant name. Reference document for due diligence.
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Rent increase history (TAL — Tribunal administratif du logement) Demonstrates that rents comply with TAL guidelines and identifies units with below-market rents.
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Any pending non-renewal or lease modification notices Any unusual situation (tenant in default, vacant unit, repossession in progress) must be disclosed.
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Current municipal and school tax bills Required by the notary. Used to calculate pro-rata adjustments at the date of sale. Municipal taxes are based on the property's assessed value in the municipal roll.
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Recent certificate of location Mandatory for signing at the notary. If the document is more than 10 years old or if work has altered the building, a new certificate will be required (cost: $800 to $1,500).
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Maintenance log and invoices for major work Roofing, plumbing, electrical, windows, heating systems. Reassures the buyer about the building's condition and supports the asking price.
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Construction or renovation permits For any addition, conversion, or added unit. Confirms legality of the work with the municipality.
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Seller's declaration Strongly recommended by the OACIQ and notaries. Informs the buyer of the building's known condition, known defects, past claims, and notable features. Reduces the risk of post-sale disputes.
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Title deed (previous deed of sale) Allows the notary to verify the chain of title and detect any issues (easements, legal hypothecs, restrictions). Available from the Quebec Land Register.
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Current insurance policies The buyer must arrange their own insurance as of the date of possession. Current policies give an indication of the insurance cost for this building type.
- Current leases for all units
- Rent roll (unit, rent, lease term)
- Financial statements for the most recent full year
- Recent municipal and school tax bills
- Approximate mortgage balance
A buyer who cannot validate the property's actual income will incorporate a risk premium into their offer — often 5% to 10% below actual value. A complete file eliminates this uncertainty, allows faster bank financing, and results in a firm, competitive offer. It is one of the best levers for maximizing your sale price.
Seller's declaration: mandatory or recommended?
In Quebec, the seller's declaration is not legally required for income properties with more than one unit — unlike certain situations for single-family homes. It is, however, strongly recommended by notaries and the OACIQ (Organisme d'autoréglementation du courtage immobilier du Québec). Without a declaration, a latent defect discovered after the sale can expose the seller to damages claims. Its cost (generally nil if completed by the seller) is negligible compared to this risk.
Where to obtain missing documents
The certificate of location is obtained from a licensed land surveyor (allow 2 to 4 weeks). The title deed is available online through the Quebec Land Register. Tax bills are available through your municipality's portal or finance office. Rental income declarations are in your tax returns filed with Revenu Québec.
Sources: OACIQ, notaire.qc.ca, Quebec Land Register (Registre foncier du Québec), Tribunal administratif du logement (TAL), Revenu Québec.
Documents to sell an income property: your answers
The first documents requested by any serious buyer are the current leases for each unit and the financial statements for the past 2 to 3 years (rental revenues and operating expenses). These two categories allow the buyer to validate the net operating income (NOI) that forms the basis for valuing the property. Without these documents, a buyer cannot formulate a realistic offer.
Yes. In Quebec, the certificate of location is required by the notary at the signing of the deed of sale. If it is more than 10 years old or if work has been done since it was issued, the notary will generally require a new certificate. The cost varies by property type and municipality (roughly $800 to $1,500 for a multiplex). This requirement stems from notarial practice and title insurance standards.
The financial statements of an income property include operating revenues (rents collected for each unit) and operating expenses (municipal and school taxes, insurance, maintenance and repairs, management fees, common-area energy, miscellaneous costs). They typically cover the past 2 to 3 years and are used to calculate the net operating income (NOI), which is the foundation of property value under the income approach recognized by Revenu Québec and certified appraisers.
A seller's declaration is not legally required in Quebec for income properties with more than one unit. However, it is strongly recommended by notaries and the OACIQ because it reduces the risk of post-sale disputes. It informs the buyer about the known condition of the building, work performed, past claims, and notable characteristics. Its absence can expose the seller to legal action if a latent defect is discovered.
Yes, and significantly. An incomplete file forces the buyer to incorporate a risk premium into their offer — often 5% to 10% below actual value — or to include longer due diligence conditions. A complete, well-prepared file allows the buyer to quickly validate the property's value, secure financing more easily, and submit a firm, competitive offer. It is one of the best levers for maximizing your sale price.
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