How To Alleviate Risk When Purchasing A Home

Purchasing a home is a demanding and risky process, which can be particularly difficult for first-time home buyers to navigate. Buying a home is a heavily contracted endeavour, and there is an inherent risk of misinterpretation of your legal rights and obligations as well as fees you are not legally responsible for paying. An experienced real estate lawyer can assist home buyers at all stages of life and advocate for their best interests.

Mitigating the Financial Implications in Your Contracts

Incentives are an attractive offer from many new house or condo developments, but it is imperative to understand that they are not as beneficial as they’re promoted to be. New-build homes also come with potential hidden fees to be wary of, such as installation costs and warranties.

Have your real estate lawyer review your agreement of purchase and sale to identify hidden costs or extra fees before you sign on the dotted line. Your lawyer will help ensure that the price you agreed to pay is the price you pay in the end.

Hire a Lawyer for Purchasing Flexibility

A lawyer can supply you with flexibility and leverage when you decide to make your offer. For example, many buyers will benefit from advisement on their purchase offer. A lawyer can ensure that the offer is contingent upon your financing, which provides the capability to opt out of the deal if you don’t get the financing you want and wish to withdraw your offer.

Have a Lawyer Review Your Agreement of Purchase and Sale

Your real estate lawyer will review your agreement of purchase and sale for your new home to guarantee that it meets your requirements. A lawyer will also make sure you understand your legal rights and obligations as a buyer. Remember, purchasing a home is one of the most important transactions a Canadian will make in their lifetime. An experienced real estate lawyer will ensure you complete the process correctly and mitigate risks along the way.

Are you looking for sound legal advice for your organization, business or corporation? Contact KGPC LLP today.

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