How a Lawyer Can Help You When Buying a Home
Most people in Ontario make their once in a lifetime largest expenditure to purchase a residence, i.e. a single family home –residential condominium apartment, or similar household.
It is without a doubt that the most expensive purchase they can ever make will be this type of purchase.
An experienced real estate lawyer can help with this important purchase. Typically, the real estate lawyer will ask questions of either the buyer or seller. The real estate lawyer will ask questions, if at all possible BEFORE the contract, ( Agreement of Purchase and Sale) is signed . All real estate purchases or sales require a written agreement for it to be a valid and binding contract.
Some of the possible questions a real estate Lawyer will explore are :
- Do you need a mortgage ( a loan) to help you finance the purchase of your home?
- If you are a seller, do you own your home completely or does someone else have a legal interest in the property.
- Is there a survey for the property? If so , who has the survey?
- Is there a lien ( claim) on any items being sold with the house? Is the water heater owned? Are the washer and dryer owned ? Is money owing on these type of items?
- Have any improvements or renovations been done to the home. Was the building done in accordance with the Building Code? Were the necessary building permits obtained before commencing construction?
- Is the basement, house, or other enclosed area being rented ?
- Does the Tenant have a separate entrance? Does the zoning allow for a tenant in this home? Is there a written lease?
- Are there problems with title?
- Are there any hidden defects?
- Was the house used as a “grow-op”.
Looking into these issues before the signing the contract, if possible, will prevent many common problems during the course of the transaction.
Aside from these and many other questions, just deciding the size of home and the location will often take lots of time. Because of the dollar amounts involved it is important to take the appropriate time to decide this issue.
A real estate lawyer can look out for these problems before you are legally bound to a contract. Accordingly, using the assistance of a real estate lawyer before purchasing or selling real estate is a wise move.
