Alternatively, or in addition to home ownership, if you are also considering venturing into the marketplace as an investor in specific real estate holdings, you have even more to consider. You’ll need to be familiar with:
● Investment law
● Tenancy agreements
● Leasing or renting property to persons or corporations
● Whether you should incorporate to hold property
● And many other factors.
Whether for investment purposes or for your own family home, both situations require the advice of legal experts, and we believe our team is uniquely positioned to help support and inform, relating to these decisions every step of the way.
Why you need more than a Real Estate Agent
Some people might believe that having a real estate agent is sufficient to facilitate a real estate transaction. After all, the real estate agent shows the home, conducts the negotiations, and helps stage and market your home for sale purposes. However, buying and selling a property is not as simple as the walk through, the negotiations or even the offer. In fact, the role of a lawyer is critical to the process for a number of reasons.
A lawyer will:
● Protect your legal rights. Our first responsibility is to you. Throughout any process of buying, or selling, the family home and/or property investments, your lawyer will ensure your rights are protected and your responsibilities explained to you.
● Conduct the appropriate title searches and perform relevant administrative tasks related to canceling utilities, verifying property lines, zoning, and ensuring there are no existing loans, liens, or mortgages against the property you are purchasing, among other things.
● A lawyer will review the Agreement of Purchase and Sale to ensure terms and conditions are appropriate, that all fixtures and chattels have been included (or verification of items to be specifically excluded) and will review any conditions on the offer and advise you accordingly.
● Other factors impacting the purchase or sale of a home include conditional offers, land surveys, home inspections, restrictive covenants, land transfer taxes and any potential municipal zoning issues and/or by-laws. Foote Law has the team and the expertise to ensure a thorough and detail-oriented transition takes place.
The Foote Law team of real estate experts could write at least a paragraph (perhaps even two or three) fully outlining each of these four important aspects of any purchase or sale agreement. Each step is important and yet varies significantly depending on the nature of your agreement, the type of your property holdings, the financing in place and many other factors. That is why for now, it is sufficient to refer to these four bullet points as an initial, but not exclusive, guide to all that must be considered during any real estate transaction.
Allow the Foote Law team to partner with your family and work together with your financial advisors and real estate agent to ensure a competent review of each exclusion, inclusion and/or conditions of sale – on even the most straight-forward of real estate transactions. Utilizing the services of a law firm ensures you are protected.
Condominiums, Co-Operative Housing and Co-Ownership.
There are a variety of building styles and living arrangements that now exist in the 2023 property market. They may differ significantly from the legal ownership of a single, family dwelling located on one, clearly defined/zoned property. Each is a legal form of home ownership but often they are ones that require some additional rules, guidelines and interpretations that will require you, for your own additional protection, to obtain a legal opinion.
● You may be living with a common law partner or married. Both will impact your various protections under the law.
● You may be purchasing a home that is part of a condominium residence or co-operative arrangement, in which case you may have even more technical matters to contend with other than simply agreeing on a price. We can help.
● We’ll make sure you understand both the mortgage rules as they relate to condominium ownership and how condominium fees (in addition to your mortgage) work. We will ensure you understand what condominium fees actually cover in terms of maintenance to your unit, and that you understand what you are responsible for paying individually, over and above any fees.
● We’ll even make sure you understand your insurance obligations in a condominium or co-operative arrangement, as they are different from any insurance related to a single-family dwelling.
● A lawyer protects your interests and ensures you get the advice you need now and that protects your interests over the length of the term you own your home.
Real Estate transactions may sound straight forward and for most situations they are. However, it is important to know both your rights, and your obligations, when it comes to the purchase or sale of property. After all, as one of the largest transactions you are likely to engage in, the last thing you want is to discover:
● You might be responsible for replacing the well or septic on the property.
● That due to zoning by-laws, your new neighbors will soon be a large industrial facility (not the farmer you thought occupied the land next door)
● That land transfer taxes will add to the cost of your new home and this was not adequately explained to you by your real estate agent.
● That your deal will not be able to close on schedule because of an issue with renters refusing to exit the property you have purchased.
These are just a few examples of the legal matters that might impact the purchase or sale of a property. Our family focused legal team of compassionate and caring experts will ensure that your best interests, and your new property, are protected.