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5 Things Buyers & Sellers Need to Know About Real Estate Law


Caleb Fire 2016-07-12 11:00:00

When you're purchasing a property, it's more than just getting a mortgage, receiving a pair of keys and moving in. Real estate is a complicated business, particularly when you come to the legal aspect of buying or selling a property. Indeed, there's a lot involved in the process.

Everything from the physical state of the contract to owning furniture in the house, you have to consider every aspect of real estate. This is why you should always consider hiring a real estate expert and a real estate attorney. They are the ones who have a great deal of knowledge pertaining to real estate law, which can ultimately help you save on stress and money in the end.

It's true that many Canadian homeowners do not consult with a lawyer. However, their expert advice can make a huge difference for both the buyer and the seller. Moreover, real estate law does vary from province to province, and perhaps even municipality to municipality.

Here are five things that you need to know about hiring a real estate law professional:

 

1 | Buying a House in a Dangerous Area

In today's hot market, many potential homebuyers face exponential prices. This isn't just relegated to Toronto, but across the Greater Toronto Area (GTA), including Pickering. Therefore, a growing number of prospects, itching to get into the housing market, look for deals by seeking homes in questionable areas. For instance, someone may buy a house in a place where there are dangerous radon levels or where there are risks of floods. Whatever the case, a real estate law expert can help protect you if you decide to make such a property choice in the end. Walker Head Lawyers is a Pickering based lawyer for those of you living near this area.

 

2 | Handling a Defect in the Property

We have seen it on television, we have read it in the newspaper and we've heard it on the radio. Homes that have various defects, and even on the cusp of dilapidation, are being sold for half-a-million-dollars. Although some buyers may be willing to face the consequences, you will need a real estate law expert to guide you through this process and help save you money as you attempt to remedy the problems in the house.

 

3 | Selling a Dilapidated House

If you're a homeowner and you're selling the home and you realize that it's dilapidated then you will certainly need a real estate attorney. When the property is in really bad shape and it's on the open market then a real estate law expert will know ahead of time as to how to shield you from legal recourse, if it is permitted to even sell such a home and how you can get top dollar. Learn more about how to sell a dilapidated house with this guide from the Toronto Realty Blog.

 

4 | Combating Zoning Regulations

Municipalities across the province of Ontario, as well as Queen's Park itself, are imposing a wide variety of zoning regulations. Although the intentions of public officials are to ensure residents are safe, they make owning a home quite difficult, especially if you want to renovate the property. A real estate lawyer can comb through the zoning regulations and provide you with the best advice possible. Remember, zoning laws are constantly changing so even if you're aware of the long list of regulations you need to follow you may not know about the latest ones.

 

5 | The Contract is Illegible

Your contract has been sent back and forth and the contents of the contract have been revised several times. After being faxed over dozens of times, you're now having a difficult time reading it. The easy solution to this is to start fresh with a brand new offer. If none of the parties involved can read the agreement clearly then there will be zero binding agreement.

As you can tell, real estate is an intricate business. A seasoned homeowner may understand just how complicated everything can be, but a first-time homebuyer will be overwhelmed by just how many people are included in the process, how much money has to be spent and how many rules and regulations are added. This is why you should hire a real estate attorney from the start.

 

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