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Know your Rights when Purchasing a Property

Purchasing a property is an exciting and major life event/long-term investment. When making a purchase as big and as life-changing as a property purchase, it is critical to do so in the appropriate manner. Hiring a Pace Law real estate lawyer will assist you in an effective and timely manner with your best interests in mind– always! Learn the key factors to consider before you make an offer on a property, and the steps involved in buying a home. For over 40 years, Pace Law firm has assisted its clients in securing their dream property by providing outstanding legal counsel ensuring a seamless legal process.

Warranty (Newly-built homes)

In Ontario, any newly built home or condominium comes with its own set of warranties. In addition to the warranties offered through the Tarion Warranty corporation, there are also warranties legally granted by the law. Warranty duration periods vary from 1-year to 7-year periods. As with any big purchase, purchasing a warranty is not completely mandatory, but it is strongly advised. Why would you want to possibly spend hundreds, sometimes thousands, of dollars due to instances out of your control? Warranty for newly-built homes cover workmanship, water damage, major structural defects among other damages/repair costs. Contact Pace Law Real estate to seek legal counsel in terms of what warranty best fits your needs and what warranties you are legally granted.

Prevent Mortgage fraud

Mortgage fraud is becoming an increasing trend, with the help of the legal counsel at Pace Law real estate, we help avoid mortgage fraud by handling potential threats. It is very easy for the average person to overlook important details in the document signing process, however, this is a critical step in preventing fraudulent activity. When signing documents, here is a list of potential fraudulent language:

 

  • When offered a bribe to state false personal information
  • When the seller is adamant on you not visiting/inspecting the property prior to purchasing
  • When asked to claim you make more money than you actually do
  • When asked to lie about whether you will live-in or rent
  • When asked to sign documents that contain sections which have not been filled in yet

Condominium Rights

As a buyer, when purchasing a condo, knowing your rights can be a determining factor in ensuring the prevention of both short-term and long-term disputes. When buying a condo there is a period of time called the “cooling off period” in which you legally have the right to cancel the purchase of a property within 10 days. The condominium sales agreement can be cancelled within 10 days of being informed of a change you are not comfortable with. As of 2019, all buyers of units (standard/phased residential pre-construction condominium) must be given an information sheet which clearly outlines all the risks, conditions, and valuable information regarding the purchase of a unit in a pre-construction condom project. This only applies to agreement of purchase and sales signed after January 1, 2019.

Having a reputable Pace Law real estate lawyer to assist you in your purchasing process would be very valuable as they are able to provide insight and expertise to inform you of your legal rights, prepare and thoroughly explain documents (in-process and closing) and ensure that the title of the property free and clear. Seeking legal aid will prevent any anomalies by communicating throughout the process addressing any issues as they arise.

What Next?

Closing day duties are very important to the finalizing of the paperwork for your house. Without the assistance and guidance of a real estate lawyer, this process can be meticulous primarily due to the vast amount of reading and paperwork. At Pace Law real estate, our team of highly reputable lawyers will search the title of the property, release funds and pay outstanding balances, along with the many other duties involved for closing-day. 

 

Contact Pace Law real estate today to secure the property of your dreams!