Protecting your legal rights when purchasing a home begins with an Agreement of Purchase and Sale.
The Agreement of Purchase and Sale is a written legal document between the buyer and the seller of a property. It is established to protect the rights of both parties. It contains details such as the offer and closing dates, legal names of both parties, offer price and deposit amount, chattels and fixtures, and other conditions relating to the sale of the property.
Here’s why an experienced real estate lawyer in Toronto should be consulted to ensure the details of the contract protect your personal and legal interests.
A Legally Binding Agreement Is Irrevocable
An Agreement of Purchase and Sale is a legally binding document, and the details cannot be changed without agreement of the buyer and seller or if the terms or conditions of the signed contract allows it. Once an offered is accepted by the seller, the document becomes legally binding.
Having a real estate lawyer review the details of the document can ensure all terms and conditions are met before the Agreement of Purchase and Sale can be legally enforced.
They Can Explain the Legal Implications of Certain Clauses and Conditions
Whether you are buying or selling a property, understanding the terms and conditions of the Agreement of Purchase and Sale is imperative. Your real estate lawyer or closing lawyer in Toronto can explain and answer any questions you may have.
For example, the financing terms and conditions can help protect your legal obligation if financing falls through. Having this condition added to the document will allow you to be free from the Agreement of Purchase and Sale provisions if you do not qualify for financing through a bank or lending office.
They Can Provide Legal Advice on Important Aspects
Many homeowners have discovered after the fact that the terms and conditions set in an Agreement of Purchase and Sale protected the seller but not the buyer, or vice versa. A real estate lawyer can provide legal advice on the particular details of the document.
The specific clauses and conditions of the Agreement of Purchase and Sale can be legally added to the document by your real estate lawyer. The legal jargon used can lead to devastating implications if not properly understood before signatures are added.
You Can Protect Your Investment
A residential real estate lawyer in Toronto will help protect one of the biggest investments you make, your home. The protection of legal interests will cover title registration options, title insurance, defect or lien loss, encroachment issues, and survey errors, just to name a few.
Hire an Affordable Real Estate Lawyer for Smooth Property Buying or Selling in the GTA
For a reputable and affordable real estate lawyer in Toronto, seek the legal representatives at Zinati Kay – Real Estate Lawyers. For more than 25 years, our team has been assisting home buyers and sellers in protecting their largest investment. Contact us to inquire about our services and to get a quote from a top-notch real estate lawyer in Toronto.