Buying and selling a property involves many different moving parts that must align in order for the transaction to go through. Unfortunately, things don’t always go exactly as planned, but that’s why every sales transaction includes a purchase agreement to fall back on. Closing dates are part of the purchase agreement and must be agreed upon in writing by both the buyer and the seller. But what happens if the buyer defaults on the closing date? According to a top closing lawyer in Toronto, there are a few different options to consider. 

... Actions When a Buyer Misses Closing

Over the course of the pandemic, purchasing residential real estate has become a rat race of sorts. With the majority of the workforce working from home, the competition for better quality real estate has become fierce. Naturally, the increased demand has driven up the prices. Homebuyers are facing a lot of unique challenges in the current red-hot real estate market. Working with an experienced home buying lawyer in Toronto can help you overcome some of those challenges. But first, here are a few important things you should know if you’re planning on buying a home in 2022.

... Key Points to Know if You’re Buying a Home in 2022 

After recent events regarding the Trinity Ravine Towers construction, many elderly real estate buyers are reconsidering investing in life leases in Toronto and the GTA—and with good reason. Keep reading to learn what life leases are, how they work, and determine if they’re a good option for you. 

... Risks of Life Leases for Seniors

Buying a home when the market is hot like it is now can be nerve-wracking for a lot of people. A good real estate lawyer will work hard to put their clients at ease and help build their trust and confidence that they’re making the right choice for their personal and professional lifestyles—especially now that more people are working from home.

Spring and summer are traditionally considered the ideal times of year to go home shopping because the weather is mild, and people are just generally in a better mood. But that also means that the competition for top-quality homes in desirable neighbourhoods is a lot fiercer. Sellers price their homes under market value to incite bidding wars amongst buyers and this can end up driving up the cost of the home well above the asking price.

... 6 Reasons Why Winter Is the Best Time to Buy a Home

What to do when a project is cancelled?

The experience of purchasing a condominium can be one that is both exciting, particularly for first time home buyers, and emotionally and financially draining. Purchasers would have gone through the process of assessing their finances with their banks, expending considerable effort in looking at different condominiums, plans and locations, speaking to lawyers about the contracts, and completing the other strenuous tasks that goes into deciding to buy a condominium. While many people are purchasing these condominiums as investments, the majority are looking to make a home in the building. As such, this is made all the more frustrating when a developer/ builder seemingly cancels the agreement on a whim, leaving the purchaser without much recourse. 

... Cancellation of Preconstruction Condominiums

The current housing market has many Toronto residents completely rethinking their living situations. If you’re a renter, is it worth transitioning into buying a home? The answer to that question depends on your current circumstances and where you foresee your life trajectory going in the future. Is homeownership something you’ve always dreamed of, but never thought was financially attainable? Are you the type of person that wants to lay down roots in a specific area, but don’t know where to start?

Weighing the pros and cons of homeownership vs. renting a place can help you decide which one is the right choice for you and your lifestyle. There’s also probably a lot that you have to learn about how the housing market in Toronto works. A good real estate lawyer in Toronto can advise you regarding your options so that you can move forward confidently with a decision.

According to some of the top house closing real estate lawyers in Toronto, here are some guaranteed signs that you may be ready to buy your first home.

... 7 Foolproof Signs You May Be Ready to Buy Your First House