Buying a home is likely the most significant financial transaction you’ll ever make, so it’s not a decision to take lightly. Ignorance and misinformation can lead to a waste of time and money. For that reason, it would be wise to enlist the help of real estate experts to steer you in the right direction. One expert you should hire is a real estate lawyer.
An experienced real estate lawyer will help make the process of buying a home less overwhelming. They will represent your interests at all stages, review all paperwork in advance and advise you on any problems or omissions with the documentation.
You should consider certain qualifiers when retaining the services of a real estate lawyer. What are their qualifications or merits and experience in handling transactions? What do other clients say about them? How does their track record look?
You’ll have peace of mind knowing that there’s a competent real estate lawyer in your corner who will go the extra mile. With the guidance of a real estate lawyer, you will lessen the likelihood of making the following mistakes:
Not asking a lawyer to review the Agreement of Purchase and Sale
Your real estate lawyer will help you to understand your obligations and the terms and conditions of the Agreement of Purchase and Sale. The clarification provided will ensure a smooth closing transaction.
Not conducting an inspection before closing
If you are purchasing a resale home, it would be prudent to have it checked by a professional inspector before finalizing the transaction. There have been instances where, after closing, buyers discover that a home has issues that weren’t evident during the viewing.
If you are purchasing a new home directly from the builder, it would still be wise to do a walk-through inspection with the builder or the builder’s representative. During a walk-through inspection, you can confirm that all terms of the contract have been met, the home is substantially completed, and everything is working as it should.
Not asking for mortgage approval condition
Bank requirements to mortgagees are constantly evolving. Even if a mortgage was preapproved two months before the purchase and sale agreement is signed, there is no guarantee that the bank approves the mortgage. It’s always wise to present the purchase and sale agreement to the bank and make sure that the required mortgage amount will be approved by the bank prior to making the purchase and sale agreement form.
Closing the sale of your home on the same date as the purchase of your new home
Do you plan to use the proceeds from the sale of another property to purchase your new home? Arranging for both transactions to take place on the same date will be problematic. If there’s a delay in closing the sale of your home, it will delay the purchase of the new property. Failure to close on the new property on the date specified in the Agreement of Purchase and Sale is a breach of contract that might lead to a lawsuit.
Are you looking to purchase a home in Oakville? You can avoid the above-mentioned mistakes and others with sound legal advice from Anna Gurevich Law. As a real estate lawyer in Oakville, Anna Gurevich will work with you as you turn your dream of homeownership into a reality while ensuring you are protected in the real estate transaction.
Give us a call today to schedule an appointment.