If you are thinking about buying a home in Barrie, Ontario, it is best to consult with a Barrie real estate lawyer to guide you every step of the way of the process to ensure that you are protected. Your lawyer can provide invaluable assistance with all aspects of the deal, including the negotiating and contracting part of the process with the opposing solicitor, banks and mortgage brokers.
Hiring a real estate lawyer early in the buying process can save you time, but most importantly, save tremendous risk – and money. Particularly when legal issues arise that your real estate agent can't answer, you'll need an attorney's help to make judgments on legal questions.
Real estate law in Ontario can be very complex. Unique issues and special difficulties can arise that don’t come up in other transactions. Only the legal expertise of a qualified real estate attorney will be able to navigate through all the unique aspects of the law and ensure that it is interpreted and carried out in a way that is legally binding.
Real estate lawyers have your best interests in mind from the start. Let’s look at some of the ways they can help.
Financing
One way that a real estate attorney can protect your rights in the home buying process is when it comes to financing.Your lawyer can review all of the forms and prevent hefty rates from being imposed on you. For example, a purchase agreement can merely state “conditional on financing,” instead of ““conditional on getting the financing he [the buyer] wants.” In the first clause, nothing is specified about the rate of financing. This means that if a lender offers the buyer a higher rate like 5% financing (instead of a lower percentage), the buyer doesn’t have the option to back out of the deal. The former is a very broad clause and the latter is a more distinct clause that will allow the buyer to accept any financing the lender offers. A good real estate attorney would not fail to put down this important distinction in the paperwork. He or she has the legal knowledge to catch all kinds of dangerous clauses like these before you get stuck into a situation with negative long-term results.
The Status Certificate
If you are buying a condo, you’ll also need to have a real estate lawyer review the Status Certificate. This document essentially contains all the key information about the unit and of the condo corporation.
The certificate can basically run into one hundred pages with lots of legal jargon, so it’s important to have your lawyer examine it closely before buying the unit in order to protect you from serious expenditures forthcoming.
When reviewing the Status Certificate, be sure that your lawyer can provide you with clear answers to these questions:
- Is the reserve fund adequate?
- Is the condo corporation being sued?
- Are there any arrears in common expenses?
- Are there any new special assessments coming up?
The Closing
Another important step in the home buying process that your real estate attorney can get involved in is in the closing. An attorney will be helpful in:
- Preparing the deed and other closing papers
- Preparing a closing statement representing your remaining down payment, land transfer tax and legal fees and disbursements
- Explaining the nature, amount, and fairness of closing costs
- Ensuring that the deed and mortgage instruments are signed and appropriately executed and explained to the various parties
The closing process can be confusing and complex and last minute disputes can arise. Having a lawyer stand by you among the other representatives of other parties can help minimize your risk and protect your rights.
Buying a home in Barrie, Ontario is such a significant investment that could impact the rest of your life. A highly qualified expert representing you in every step of the process is the very best way to protect your interests. Make sure you hire a competent Barrie real estate lawyer to review paperwork ahead of a purchase, interpret subtleties of the legal language, and help you navigate the nooks and crannies of real estate law because it can undoubtedly make a huge difference.
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