Your home is a big investment. Beside purchase price, you have other important considerations before signing your name on the contract. The considerations will differ depending on whether you are a purchaser or vendor. At Quantz Law, we will keep our clients well-informed about their obligations under the contract.
Here are just a few of the considerations that might be at play in a Real Estate Purchase Contract.
Transaction costs, such as Real estate commissions, legal fees, mortgage payout penalties, property inspections, and insurance are a few examples of extra expenses that add to the cost of any deal.
Under a standard Real Estate Purchase Contract (AREA Contract) there will be certain requirements that will need to be met by the seller or the buyer, such as the obtaining of a Real Property Report and a Compliance Certificate or Title Insurance, the delivery of condominium documents, and the provision of a first and possibly second deposit.
Vendors and sellers need to consider what unattached goods should form part of the contract and stay with the house. Purchasers may want to stipulate conditions that need to be met prior to the deal proceeding, such as obtaining mortgage financing and a property inspection. There may be additional terms that need to be addressed in the contract, such as tenants in the property or defects that need to be repaired.
A prudent purchaser or vendor can consult with a lawyer at Quantz Law even before entering into a contract. Once a contract is solidified, we give our clients the attention and the action necessary to get the deal done.