RETAIN A REAL ESTATE LAWYER RIGHT AWAY: DON’T WAIT UNTIL THE LAST MINUTE!By JHacohen
What an exciting time in your life! You just signed on the dotted line to purchase your 1st home. Or your 10th. A new house. Or resale. Detached house. Condominium unit. No matter the situation- you have a million things going through your mind. Hire movers. Change the property insurance. Forward your mail. Wait. STOP! Before getting too far ahead….have you retained a real estate lawyer yet?
When you enter an Agreement of Purchase and Sale to purchase a new house or condominium unit, the agreement will usually contain a condition for review by a lawyer. But it may not! The new condominium purchase by law has a 10-day rescission (cooling-off) period, where you can get out of the deal during those 10 days if you change your mind. But if you don’t go right away to a real estate lawyer to find out your rights, you may lose out! Once your conditional or cooling-off period has expired, you would ordinarily be deemed under most agreements to be proceeding with the purchase unless you have opted out! In a purchase of a resale house or condominium unit, many Agreements of Purchase and Sale do not have a review by lawyer condition unless one has been inserted.
The bottom line: before signing your name on the dotted line, come speak to one of our real estate lawyers. We will walk you through the Agreement of Purchase and Sale and explain to you your rights and obligations under the agreement. We can recommend potential amendments that could impact your closing, including saving you money, time and stress! If you wait until the last minute to retain your real estate lawyer, you could be out of time. Even if your real estate lawyer recommends changes to your Agreement of Purchase and Sale and they are not accepted, at least you can decide whether to proceed with the transaction with eyes wide-open and having a clear understanding of your transaction.
Information is knowledge. Knowledge is power. When you are ready to purchase real estate: call the Real Estate lawyer right away!
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Jonathan Hacohen is a Partner with Kormans LLP. His practice areas include Real Estate & Corporate Law, as well as Wills/Estates law. You can reach Jonathan at firstname.lastname@example.org
*All blog entries are for your reading pleasure only and are not posted to provide legal advice. For your matter, we encourage you to consult with a lawyer to review and discuss your specific facts and circumstances.*