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Streamed live on Apr 29, 2014
Looking to find a trustworthy Real Estate Lawyer in Toronto? Call us at (647) 557-6373 today and we'll get you the help you need. With years of experience in the GTA, we can help.
For most of us, this is the greatest and most costly purchase or transaction we will ever enter into. It can definitely set off more than a couple of sleepless nights the first time we purchase. The majority of these deals occur with the assistance of a realty agent, however this is not always necessary. There are a variety of different techniques for purchasing and selling, so you definitely have options. If you are offering a piece of real estate with the assistance of a realty representative, it will be necessary to become part of an agreement which should be drawn up by a Realty Lawyer where you, the vendor of the property, agree to provide the realty representative a portion (normally between 3 % and 8 %) of the transaction. The amount of the commission is generally connected to whether the property is noted on MLS (Multiple Listing Service), or whether it is an exclusive listing with that particular representative.
Any contract to acquire or sell land needs to be documented in an agreement. A verbal contract to buy or sell property is therefore not enforceable, and lawyers routinely meet clients who are annoyed and miserable due to the fact that they assumed they had "an understanding" with someone else to purchase or offer a piece of property. "Understandings" are not enforceable. Only written arrangements are enforceable when it concerns land and should be written by Real Estate Lawyer.
You need a Purchase Agreement. This kind of contract is recommended by the local realty board. Once more, this is not an obligatory requirement, but the standard forms include numerous valuable clauses, which help protect both the buyer and seller. The Agreement of Purchase and Sale can go through many stages with offers and counter-offers being exchanged in between the seller and buyer. Generally each change is initialed by both parties to acknowledge exactly how the agreement is advancing and exactly what is and what is not agreed to. This can result in a formal Agreement of Purchase and Sale which has been developed by a Real Estate Lawyer becoming "quite messy". If it has actually reached the point where the agreement is being finalized, you should insist that a fresh version be prepared recording the current offer.
If you're ready to buy or sell a property and need the advice of a Real Estate Lawyer in Toronto, call us today at (647) 557-6373.