If you are considering buying a home, before signing an agreement with the real estate agent or making an offer, you should seek legal advice. We have encountered many clients who regretted not reviewing the contract before signing it. This particularly happens when they realize they cannot cancel the agreement as easily as they thought once a problem is discovered.
Remember, when you sign an agreement to buy or sell a property, it is legally binding from the moment both parties sign it. If you are the buyer, you must make honest and reasonable attempts to satisfy the conditions of the contract. If you believe you can walk away from an agreement by simply failing to meet a condition — for example, the financial condition — you could be in for an unpleasant surprise if the seller later attempts to sue you for breaching your obligations under the agreement.
We believe seeking independent legal advice is a crucial step in the buying process before signing on the dotted line. Our team at AB Lawyers is more than happy to quickly review a draft agreement prepared by a real estate agent or developer and, if necessary, prepare the agreement for you to ensure you secure the best possible terms to protect your interests.
Our experienced professionals can assist you by identifying any changes that have been made and advising you on their implications. When necessary, we can also recommend and carry out modifications to the agreement. We will discuss the transaction with you to ensure you fully understand your contractual rights and obligations.
Timing the conditions of the contract is also an important consideration.
The minimum conditions in your purchase contract usually include financial approval, LIM (Land Information Memorandum), the building inspection report, and the sale of an existing home, if necessary. It is still advisable to speak with us to go over your specific transaction, as we may have recommendations for other conditions depending on the property you are purchasing.
We strongly believe that by engaging us to review and make recommendations on the terms of the agreement, your mind will be at ease, and you will have the peace of mind that your agreement meets your needs. We encourage you to engage with us as soon as you are thinking of buying. This will allow us to meet the now mandatory anti-money laundering identification requirements and be ready to provide you with advice as soon as you need it.
