If you have been dreaming of buying your first house, there are a few significant factors that can determine if now is the right time to buy.
With the fluctuating housing market in Toronto and surrounding areas, many people may be wondering whether to buy now or wait. Before taking the next step and meeting with a real estate lawyer, take stock of these factors.
Closing costs, escrow, purchase agreement, and listing agent—there are a lot of real estate terms to understand when it comes to buying or selling a home. While all these terms are important to know, understanding what determines a buyer’s market vs. seller’s market, however, is probably one of the best ways to ensure you are making the best decision in the current housing market.
... Understanding Real Estate Trends: How to Identify a Buyer’s or Seller’s Market
Whether you are searching for your dream home or planning to sell your own home, it is important to understand the conditions of a buyer’s market vs. a seller’s market.
The housing market is an interesting world once you have an understanding of the terms and conditions that are associated with buying and selling properties. Knowing when to sell or buy is only half the battle in the competitive world of real estate.
... Buyer’s Market vs. Seller’s Market: How It Affects You When Buying/Selling a Home in Toronto
Thinking or buying or selling a house? Before you dive in, you should consult a real estate lawyer in Scarborough to draft up a real estate agreement such as the Agreement of Purchase and Sale. Of all legal documents and contracts that come with the sale of a property, this agreement outlines the physical and financial aspects of the sale.
Both the buyer and the seller need to understand and acknowledge the details of the document as it is a legally binding contract. A real estate lawyer can help the party they are representing better understand what they are agreeing to.
... What Is an Agreement of Purchase and Sale in Real Estate?
Buying a home is a momentous occasion, especially for first-time homebuyers! Before you get caught up in the excitement, hire a home-buying lawyer in Scarborough to help you navigate through the legal documentation.
Through no fault of their own, many homebuyers have lost thousands of dollars due to discrepancies in the Agreement of Purchase and Sale or through fraudulent means. To prevent buyer’s remorse or legal actions, consider hiring a real estate lawyer with experience in protecting the buyer during real estate transactions.
... Why Is It Important for a Home Buyer to Hire a Real Estate Lawyer?
As a leading real estate lawyer in Toronto, John Zinati has been closely watching the housing market. The latest numbers across the country show that home sales dropped 32% in September in comparison to last year.
Why the huge difference? Low mortgage rates, a drop in new construction, a surge in first-time homeowners, and a desire for relocation saw the housing market at an all-time high a couple of years ago. Today, there are several factors that have caused a sudden shift in all of these market influencers.
... John Zinati Highlights Issues Related to the Current Real Estate Market Slowdown
Buying or selling a home or property can be a complex transaction between two parties with legalities requiring proper documentation. In that case, should you hire a real estate agent or a real estate lawyer? Which one is better?
You actually need both. The roles of the real estate lawyer vs. a real estate agent are very different when it comes to their responsibilities. Buyers and sellers require someone familiar with the local properties as well as someone who can help protect their investment.
That’s why understanding the difference between a real estate lawyer and a real estate agent can help make your real estate transaction as seamless as possible.
... Why Hire Both a Real Estate Lawyer and a Real Estate Agent?
Whether you are buying or selling your home, it’s important to ensure you have a reputable real estate lawyer in Scarborough to assist you in the sale. Real estate transactions can be overwhelming and complex with legal documentation, checklists, communications, and most importantly, exchanges of monies. Ensuring the right person is in control of the legal responsibilities can help the buying or selling process be less stressful.
Before choosing a real estate lawyer to facilitate one of the largest investments you will make, consider the following tips.
... 9 Key Factors to Consider When Choosing a Real Estate Lawyer in Scarborough
Buying a home is considered one of the largest investments you can make in your lifetime. That’s why hiring the best real estate lawyer in Toronto is the first step in realizing your dreams of owning a house.
A real estate lawyer specializes in reviewing legal documentation pertaining to the buying and closing processes of property.
The Agreement of Purchase and Sale is a complex document that protects both the buyer and the seller. Having a real estate lawyer assist in drafting the legal documentation can save you potential heartache and thousands of dollars down the line.
Real estate lawyers also investigate if there are any unknown claims against the property.
Below, we have compiled a list of some of the must-have traits to look for when hiring the best real estate lawyer in Toronto.
... What Are the Traits of the Best Real Estate Lawyers in Toronto?
If you are considering investing in real estate, talk to a home buying lawyer in Toronto first. Don’t let this exciting time become overwhelming. Instead, keep these tips in mind.
Buyers and sellers beware! With the complexity of the housing market, hiring the best real estate lawyer in Toronto may be in your best interest! Challenges can arise during a real estate transaction, and the only way to protect yourself and your investment is by having an iron-clad Agreement of Purchase and Sale.
... 5 Important Things to Consider if Things Don’t Go According to the Real Estate Agreement
With all the excitement of purchasing a home, it’s easy to overlook some of the important details within the transaction. That’s why a residential real estate lawyer in Toronto should be consulted when drafting the Agreement of Purchase and Sale. As it becomes a legally binding document once both parties have signed, it is crucial to ensure the details are clear and concise.
In addition, a real estate lawyer in Toronto can help you decipher the legal implications of when a real estate transaction goes wrong.
Below, we will now look at four common problems to be aware of with a real estate transaction.
... 4 Common Problems That Could Occur During a Real Estate Transaction
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.
... Why Do You Need a Real Estate Lawyer to Review the Purchase Agreement?
The real estate market can be tricky to negotiate, even for the most veteran property seekers. A real estate lawyer in Toronto should be your first call, particularly when it comes to prepayment for a pre-constructed home.
Recently, John Zinati was featured in a CBC News article focused on two failed townhouse projects that are predicted to cost the homebuyers close to $150K in unprotected deposits. In the article, John warns potential homebuyers to protect their investment by following a few key guidelines. Below, we go over some of his tips.
... How Can a Real Estate Lawyer Help Protect Your Investment?
Hi,
I hope you are well.
As of May 17, 2022,all Assignments will be subject to HST and extra care is required when drafting Assignment Agreements.I am pleased to enclose our latest issue of Title Tips which goes over what you need to know about this. I hope you find this helpful. If so, I would ask that you forward this to other Agents and Brokers or anyone who you think may find it of interest. Thank you!
Real estate fraud in Canada is on the rise, particularly with mortgage payments being deferred in recent years due to the economy. Real estate lawyers in Toronto have been helping Canadians deal with the surge of fraudsters now more than ever.
... Types of Real Estate Fraud in Toronto and How to Prevent Them
Buying a new home is definitely an exciting venture. It’s a new chapter in your life that’s worth celebrating. Whether you’re moving to be closer to family and friends or to start a new job, the process of buying a home can be arduous and involves numerous logistical and clerical steps that need to be followed to make it official. If you’re moving out on your own for the first time or simply lack real estate experience, then you need to hire a house closing lawyer in Toronto who can help you navigate the ins and outs of the process.
... Actions to Take between Offer Acceptance and House Closing
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.
... What Can a Property Seller Do if the Buyer Fails to Close on Time?
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.
Throughout the pandemic—particularly during the past year—the Ontario housing market experienced a massive economic boom that tipped the scale in favour of sellers. This left a lot of buyers and renters in the dark. Financial experts and residential real estate lawyers in Toronto predict that the housing market will eventually balance itself out and the housing bubble will pop. But the situation will continue to get worse before it gets better. Here are some of the top challenges that even the best real estate lawyers in Toronto are currently facing along with possible solutions.
... 5 Critical Challenges to the Ontario Real Estate Landscape in 2022