Buying property whether it is a home, a commercial building, or some other type of real estate will probably be the most significant investment you make in your lifetime. Real estate purchases influence you and your family for decades and the process of purchasing property is intimidating. Working with a professional, highly experienced real estate lawyer can be invaluable during this time. At REAL Legacy we offer representation to both buyers and sellers and give you the personalized attention that is required for these transactions. Documents and contracts can become very complicated particularly when dealing with insurance, taxes, titles, and easements. We pay very close attention to the details, and we will keep you up-to -date with the real estate laws.
At Real Legacy, we examine the title of the property to ensure that it is properly conveyed; make sure the adjustments are computed as required; oversee the disbursement of the funds for the purchase of the property; and check to see if the property is in adherence to the requirements of municipal compliance. We are committed to protecting your interest and will review the purchase contract to ensure that it reflects what you understand about the purchase and the terms of your mortgage, or any other financial agreements before you accept responsibility. Our process ensures, that at the end, you are the registered owner of the property under the terms of an agreement you understood and desired.
Usually a real estate agent assists when you are looking to purchase a home or any other real estate. Once you have decided which property you want to purchase, your offer is documented on a document known as a Real Estate Purchase Contract. As the purchaser, you will want to understand the contract terms and conditions thoroughly, and you will want to review the terms of the purchase and especially, the purchase price. As soon as the offer has been signed by you and accepted by the seller, it becomes a binding agreement which you assume liability for, regardless of any confusion between the actual contract and your understanding of it. You will want to know what exactly you are acquiring and what you are responsible for when signing such an important agreement. It is a good idea to seek the services of a competent lawyer, like the experts at REAL Legacy Law, to protect yourself.
The actual purchase price is not the only cost that you will incur when buying property. Other costs include mortgage set-up fees, legal fees, property tax adjustments, transfer registration fees to transfer ownership of property, insurance, goods and services tax, utility accounts cost and appraisal and inspection fees. We will go through these taxes and additional costs with you, step by step, so that you clearly understand what each expense is.
SELLING A HOME
Selling your home or other property is a major undertaking. It involves large sums of money, and it is important you gain on the original investment you made on your property. Utilizing the expertise of an experienced real estate lawyer is essential to navigating this process.
If the buyer of the property will be taking over your mortgage, you will need to consult your lawyer to verify that the mortgage company will hold you responsible for mortgage payments not made by the buyer. You will want to be sure that the Real Estate Purchase Contract specifically states whether household items, fixtures etc, are included in, or excluded from, the sale. You will also need to make available relevant documents such as the Real Property report/Compliance Certificate, assignable warranties, property tax notice and receipt etc. so that the purchaser can review them.
Buying and selling properties is complicated, and very often involves detailed legal documentation. Given this, we recommend that you seek the assistance of a reputable lawyer to simplify and competently complete your sale or purchase.
Call us today if you have any questions or comments about selling and purchasing real estate. Your telephone enquiries will be answered without charge or obligation.