Many times people go see their real estate lawyer after they have signed an agreement to purchase a home. It is always best to have that contact as early as possible in the home buying process, even before you sign the agreement of purchase and sale, to benefit most from your lawyer’s information, advice and insights. Your real estate agent should be able to recommend a couple of local real estate lawyers that do business in the area that you are purchasing your home. Meet more than one, and make your own decision based on which one you are most comfortable with.
Be ready to ask questions, such as:
- Have all building permits and final inspections been obtained for the home?
- Should you get a new property survey?
- Should you buy title insurance? What does title insurance do for you?
- What due diligence searches will be undertaken and which will not? Why?
- Would you benefit from an alternate home ownership arrangement where you split ownership with a co-owner, based on your family situation?
- Will you need permits or other legal approvals to renovate/add to your home or another property?
- Is anything preventing you from renting out a part of your home or running a business from your home?
- What is power of attorney, and should you have one?
In most instances all goes well with the closing of your house. If things do go astray, you will be very grateful that you have a good lawyer to take care of things.
Get in touch with our team for all your real estate needs!
West Toronto Real Estate says:
Reblogged this on Toronto West Real Estate and commented:
Get all your ducks in a row when you meet with your real estate lawyer. It makes sense to get all those other legalities like a will and POA addressed too. It’s worth it.
Jody Thompson says:
You are absolutely right!