Signing a residential real estate contract is a significant part of buying or selling a property, as it governs the legal obligations of the Buyer and Seller. Consulting a lawyer before signing a real estate contract is recommended for the following reasons:
- Legally Binding Document: A lawyer will review the contract with you to ensure that you understand that you are entering into a legally binding financial obligation.
- Understanding Complex Terminology: A lawyer can simplify complex legal jargon, ensuring you fully comprehend the contract’s terms and the implications they have for you.
- Inserting Conditions: If you are a Purchaser, a lawyer can assist you in determining what conditions or “subject to” provisions need to be inserted. Example conditions include financing, inspection, or the sale of your own home.
- Understanding your Risks: If you are a Seller, the lawyer can explain under what circumstances a Buyer can terminate their obligations under the contract.
- Reviewing Title and Identifying Problems: If you are a Buyer, the lawyer can assist you with understanding what encumbrances or charges will remain on the title after your purchase and whether these affect the marketability of the property.
- Understanding the Location: Many Buyers may be new to the area and a lawyer could advise on the neighbourhood and what future development may take place in adjoining properties.
- Peace of Mind: Finally, our lawyers provide peace of mind by protecting your interests and ensuring the contract is fair and enforceable.
All too often, people underestimate the complexity of real estate contracts and leave themselves at risk. Heath Law has experienced lawyers that can help you avoid the pitfalls of a shady real estate deal or incorrectly filed documentation. Contact us today for any real estate purchases you’re considering.