BUYING OR SELLING REAL ESTATE
Don't be intimidated
It is important both from the standpoint of the substantial investment it represents, as well as in terms of the long-term satisfaction you will derive from investing in real estate. The process of investing in or selling real estate can appear to be very intimidating.
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However, the long terms benefit of holding and owning real estate as a homeowner or investor are attractive and generally worth it. Whether you are a real estate investor looking to grow his or her portfolio, with the assistance of private investors, expert legal advice and the knowledge and experience of a team that speaks the same language as you - we are here to help.
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If you are a first-time home buyer, there are programs available in Ontario to help you.
The Offer
The terms “Offer” and “Agreement of Purchase and Sale” are essentially the same. The Agreement of Purchase and Sale, once signed by both parties, is a legally binding contract, which determines all aspects of the real estate transaction. It should clearly spell out all terms and should not be signed by either party until fully understood.
The pre-printed agreement includes a number of critical clauses, which you should familiarize yourself with before signing. One of the important clauses to include relates to the inspection of the property by a qualified professional. A minor expenditure for an inspection report can save you from potentially expensive surprises.
When do I need a lawyer?
Your real estate agent will normally prepare the agreement of purchase and sale. Although a skilled agent will generally produce a suitable agreement, you should feel free to contact a lawyer prior to signing it, if you have any questions or concerns. To ensure that you, or your agent, have instant access to legal advice regarding an offer, it is our policy to make every effort to be available to provide such advice.
Conclusion: Go For It!
The investment in or sale of a real estate can be both complex and far-reaching, with the results extending many years and dollars into the future. Our objective is to fully protect you and your investment, by providing thorough and professional legal services at a reasonable cost, while at the same time making the process a positive learning experience and giving you the confidence to make the right choices.
NOTA BENE
This information is based on Ontario law and does not constitute legal advice. It is intended to inform and not to advise and does not create a solicitor/client relationship. The statements above are general in nature. The individual facts in a given case may alter their application or involve other laws not referred to here. Any amounts referred to are subject to change.