Real Estate Transactions
Buying or selling real estate is usually the single biggest investment or transaction you are likely to 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 financing
- residential and commercial leasing
- land development (zoning, financing, construction, etc.)
- First Nations land transfers
- builders liens
The Contract for Purchase and Sale
Whenever possible, consult your lawyer before signing any contract for the purchase and sale of real estate. We can help ensure that the contract does indeed say what you think your agreement says. We can also ensure all required clauses are included, such as those dealing with holdbacks, conditions, inspections, financing, deficiencies and the responsibility for payment of GST.
Property Condition Disclosure Statements
Buyers usually require sellers to complete a Property Condition Disclosure Statement, which forms part of the contract for purchase and sale. But the rule of “buyer beware” still applies, and relying on a Property Condition Disclosure Statement is no substitute for conducting a thorough inspection before making your offer.
What Are You Buying and Selling?
When a property is sold, there may be charges or encumbrances that remain on the title. It is important to have your 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.
Mortgages and Financing
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.