When buying a house, the paperwork could be overwhelming. Complex language and the amount of detail only adds to this. This is when a Real Estate Lawyer is a great asset to have by your side!
The key benefit of having an experienced lawyer is the fact that they can not only define the conditions and clauses, but also explain why they are needed and how important they are for your purchase.
A condition is a requirement that is vital for the offer to succeed and for the transaction to occur.
What are the common conditions?
Financing Condition
The financing condition exists for the protection of the buyer. It means the buyer has to get the proper financing in order for the deal to close. If you as a buyer are unable to get the money, this condition saves you from being sued by the seller. It is important to know, that you cannot use this condition to “get out” of the deal. You have to look for financing in good faith.
Legal Review
This is an important clause as it lets the buyer’s lawyer review the agreement and make sure there are no red flags.
If something is wrong, the buyer can get out without a penalty. There is usually a time limit set on this clause.
Inspection
We all know that the inspection can be a make or break for the deal. This condition gives the buyer the ability to have the house inspected and make sure there are no issues that might not be obvious.
Subject to Survey
This condition is related to the title of the property. It looks to determine if there are any claims against the property
or if there are any zoning problems that might exist such as boundaries or neighbouring land encroachments.
These are just some conditions that are available to the buyer but there are others that might be more useful toyour specific case.
At Eshel Law Firm, we have the expertise and experience to help you make informed choices when it comes to your Real Estate decisions. Whether you are buying, selling or making mortgage evaluations, we are happy to provide you with a consultation and answer any questions you might have.
Contact us at: [email protected] or visit our website to make an appointment: www.eshellaw.ca.
