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.
Why Each Document Matters: What Buyers and Notaries Check
Knowing which documents to gather is one thing — understanding why each one is scrutinized helps you anticipate questions and prepare a stronger file. Here is what buyers and notaries actually look for in each category.
Financial statements. A serious buyer uses your income and expense history to calculate the property's net operating income (NOI) and implied capitalization rate. Most lenders require 2 to 3 years of statements to approve a mortgage — a single year is rarely sufficient. Gaps or inconsistencies in the numbers trigger questions that slow down the process.
Leases and rent roll. The buyer verifies that the rents declared in your financial statements match the amounts in the signed leases. The notary also needs to identify each tenant by name before signing the deed of sale, as this information is recorded in the transfer documents. An undocumented occupant — whether a subtenant or an informal arrangement — can create legal complications at closing.
Certificate of location. The notary uses the certificate to verify the physical boundaries of the property: encroachments on neighbouring lots, registered easements, and compliance with the cadastre. Without a valid certificate, no notary in Quebec will proceed to signing. It is not optional — it is a condition of the notarial act itself.
Municipal and school tax bills. The notary calculates the pro-rata adjustments between seller and buyer for the current tax year. Any outstanding amounts — unpaid taxes, special assessments — are registered against the property and can legally block the sale until settled.
Seller's declaration. The buyer and their notary analyze this declaration for any disclosed defects, renovations, claims, or known issues. Under article 1726 of the Civil Code of Québec (C.c.Q.), a seller who conceals a known latent defect remains liable even after the sale. Providing a full, honest declaration is the best protection against post-sale disputes.
Title deed. The notary traces the chain of title through the Quebec Land Register to detect any hidden legal hypothecs (contractor's liens, unpaid taxes registered against prior owners), rights of way, or restrictions that could affect the buyer's ownership. A clean title is a prerequisite for financing approval.
Sources: OACIQ, notaire.qc.ca, Civil Code of Québec (art. 1726 C.c.Q.), Quebec Land Register.
Documents Specific to Buildings of 5 Units or More (Commercial)
In Quebec, buildings of 5 residential units or more are classified as commercial real estate by financial institutions. This distinction has significant consequences for the documentation required during a sale. If you own a 5-plex or larger, expect buyers and lenders to request the following in addition to the standard file.
- Formal financial statements for 3 years, often prepared or compiled by a Chartered Professional Accountant (CPA). Owner-prepared statements are generally not accepted by commercial lenders at this scale.
- Separate commercial leases for any non-residential spaces (ground-floor retail, offices). Unlike residential leases governed by the Tribunal administratif du logement (TAL), commercial leases fall under the Civil Code of Québec and have no standardized form — each must be reviewed carefully.
- Engineering report or commercial building inspection, typically required by the lender as a condition of financing approval. This goes beyond a standard home inspection and covers structural systems, mechanical, electrical, and envelope.
- Official appraisal by a certified appraiser, often required by commercial lenders to confirm the income-based valuation. The appraisal is ordered by the lender but paid for by the buyer — however, a seller-commissioned appraisal can accelerate the process.
- Service contracts for mechanical systems, common-area electrical, and elevator (if applicable). Buyers want to know ongoing maintenance commitments that transfer with the building.
- Corporate tax returns if the building is held in a corporation. Revenu Québec requires corporate financial statements, and the buyer's accountant will review them to confirm the true profitability of the asset.
- Phase 1 environmental study if the building sits on land with prior industrial or commercial use (former gas station, dry cleaner, manufacturing). Required by most commercial lenders and increasingly by buyers as standard due diligence.
Sources: Revenu Québec, OACIQ, Civil Code of Québec, Tribunal administratif du logement (TAL).
How to Get an Up-to-Date Certificate of Location
The certificate of location is one of the most frequently missing documents at the time of sale — and one of the most time-sensitive to obtain. Here is everything you need to know to avoid a last-minute delay.
Who issues it. A certificate of location is prepared exclusively by a licensed land surveyor (arpenteur-géomètre), regulated by the Ordre des arpenteurs-géomètres du Québec. No other professional can produce this document.
Typical timeline. Allow 2 to 4 weeks from the time you commission the work, depending on the surveyor's availability and the complexity of the building. In busy markets or during peak periods, some surveyors are booked 4 to 6 weeks out — another reason to order early.
Approximate cost. For a 2- to 6-unit multiplex, expect to pay between $800 and $1,500. Larger buildings, irregular lots, or properties with shared walls or complex easements may cost more.
When you need a new one. A new certificate is required if:
- The existing certificate is more than 10 years old, or
- Any construction work — an addition, a new shed, a modified entrance, a deck — has altered the building or the lot since the last certificate was issued.
How to check the date. The certificate itself shows the date of issue in its header. If you cannot locate the original, your notary can pull a copy from the property file or advise whether the one on record is still acceptable.
Practical tip. Order the certificate as soon as you decide to sell — even before you list or contact a buyer. A missing or outdated certificate is one of the most common causes of delay at the notarial signing table. Having it ready in advance removes a variable that is entirely outside your control once a transaction is underway.
Sources: Ordre des arpenteurs-géomètres du Québec, notaire.qc.ca.
Organizing a Digital Sale File (Data Room) That Accelerates the Sale
A well-organized digital file — often called a data room — is one of the most underused tools available to a seller. It signals professionalism, reduces back-and-forth, and lets a serious buyer complete due diligence in days rather than weeks.
Recommended tool. A shared cloud folder — Google Drive, Dropbox, or OneDrive — organized by category and shared via a secure link with an expiry date. No special software is required.
Suggested folder structure:
- /01_Financial — 3 years of financial statements, tax returns, energy invoices (electricity, gas, heating oil)
- /02_Tenants — signed leases for all units, rent roll, TAL rent increase history if applicable
- /03_Building — certificate of location, maintenance log, permits for any renovation work, recent photos
- /04_Legal — title deed (or Land Register extract), seller's declaration, insurance policies, current mortgage statement
Controlled access. Share a separate secure link with each qualified buyer, ideally with a password and an expiry date. This protects sensitive financial data and lets you track who has reviewed what.
Impact on the transaction. A buyer who receives a complete, organized digital file can validate the property's income, arrange financing pre-approval, and submit a firm offer within 24 to 48 hours. Without a data room, document requests stretch over days or weeks, extending due diligence and introducing uncertainty on both sides.
With a direct buyer like ImmoMulti, a minimum digital file — leases, financial statements, tax bills — is enough to receive a firm, no-commission offer within 48 hours, with no listing, no showings, and no delays.
Source: practice recommended by notaries and multifamily-specialized brokers in Quebec.
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.
Most documents — leases, financial statements, tax bills, insurance policies — are available immediately if you keep them up to date. The document that takes the longest is the certificate of location (2 to 4 weeks if a new one is needed). In practice, an organized owner can assemble a complete file in 1 to 2 weeks. With a direct buyer like ImmoMulti, a minimum file (leases + financial statements + tax bills) is enough to receive an offer within 24 to 48 hours.
For residential buildings of 4 units or fewer, owner-prepared financial statements are generally accepted in a direct sale. For buildings of 5 or more units (commercial), lenders often require statements prepared or compiled by a Chartered Professional Accountant (CPA). Even without a legal requirement, well-structured financial statements strengthen your file's credibility and speed up due diligence.
A Phase 1 environmental study assesses contamination risks on a property (e.g. hydrocarbon residues, heavy metals). It is required by some commercial lenders for buildings of 5+ units located on at-risk land (former gas station, prior industrial use). For the vast majority of standard residential multiplexes, it is not required. If your building has a history of commercial or industrial use, consult your notary or an environmental specialist.
The rent roll is not a legally required document in Quebec, but it is systematically requested by serious buyers and lenders during due diligence. It summarizes unit by unit the monthly rent, square footage, lease expiry date, and heating arrangement. A missing or incomplete rent roll forces the buyer to reconstruct the information themselves — which lengthens due diligence and can push the offer lower.
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