Real Estate Transactions
If you are buying or selling a home, you should have a lawyer working for you and protecting your interests. Purchasing property is usually the single largest investment you will make in your lifetime. We understand that. We will keep you informed, minimize risks and provide quality legal services for excellent value. Our real estate lawyers are well-versed in all aspects of a real estate transaction and related financing, including:
- the purchase and sale of residential, commercial and industrial properties
- mortgages, loans and refinances
- commercial leasing
- real estate development
- First Nations land transfers
- builders liens
Whenever possible, consult with a lawyer before signing a contract for the purchase and sale of real estate. We can explain the terms of the contract, answer your questions and hopefully ease any concerns. We can also ensure all required clauses are included, such as those dealing with holdbacks, inspections, financing, deficiencies and the responsibility for payment of GST.
Buyers usually require sellers to complete a Property Disclosure Statement, which forms part of the contract for purchase and sale. However, the principal of “buyer beware” still applies, and relying on a Property Disclosure Statement is no substitute for conducting a thorough inspection before making your offer or removing subject conditions.
When a property is sold, there may be charges or encumbrances that remain on the title. It is important to have a lawyer review the documentation before signing your contract. Not all charges are dealt with by standard contracts for purchase and sale.
Fixtures are also sold with every home, whether or not they are included in the contract. A fixture is generally something which is attached to the house, such as built-in dishwasher, light fixtures and built-in bookshelves. To be certain, however, it is wise to list all items that go with the home in your contract for purchase and sale.
If you need a mortgage, you should make your offer conditional on obtaining financing, even if the bank has “pre-approved” a mortgage amount. In your contract for purchase and sale, write in the details of the principal amount, the interest rate and the amount of the monthly payments you need.
If the purchaser is assuming your mortgage, make sure the bank will release you from your personal obligation to repay the loan if the purchaser defaults on the assumed mortgage.