Purchasing a home is the largest investments that most people will make in their lives. The process can be both exciting and stressful. But having the help of the right professionals such as a good realtor and real estate lawyer can really help the process go more smoothly.
If you are in the process of searching for a home to buy, here are some tips to keep in mind when purchasing.
- Determine your budget
While it sounds like a common sense rule, this is not something that everyone does well. Mortgage rules are constantly evolving, so it’s important to find a good mortgage broker who will help you consider what your best options are.
It’s also important to remember that your mortgage cost isn’t your only expense. There are also additional costs such as closing costs, title insurance, legal and other professional fees that may apply.
- Retain a reputable real estate agent
There can be a lot of complexities when it comes to purchasing a home and a good realtor will help you to navigate through these complexities. An experienced realtor will advise you on a fair purchase price and terms to suit your needs. They will also be quick to notice where there might be defects or where you might incur renovation costs.
- Retain an experienced real estate lawyer
Where a realtor will help you find a home that suits your needs and negotiate terms, a good real estate lawyer will help to ensure that everything is in order and that you are legally protected. Your realtor will send the Agreement of Purchase and Sale (APS) to your real estate lawyer to review. This will be especially important if there are any unusual circumstances in the deal.
- Provide the signed deal to your real estate lawyer
Once you have a signed deal and APS is fully executed your real estate lawyer will open a file for you. They will require certain information from you such as your personal contact information, information about your mortgage, insurance information and your history of property ownership.
Your lawyer will then conduct a title search for you to ensure that there are no liens or other title defects.
Your lawyer will also lead you through the next steps which include finalizing costs, land transfer tax and other fees as well as reviewing all of the legal documents with you to ensure that you understand them. And finally, they will notify you on closing day once your purchase has successfully gone through.
- Ensure everything looks good after closing
Once you take possession of your new property, it is a good idea to have a look around to ensure everything is as it should be. Take some time to inspect for any new damage as well as any garbage or debris that has been left behind.
Now is also the time to contact utility companies to start your new accounts with your property and to ensure that your municipal tax office knows how to contact you. If any unpaid tax or utility bills for the previous owner show up, be sure to contact your real estate lawyer right away.
Contact Minhas Lawyers today
If you are considering purchasing a home, it is important to have a good real estate lawyer assisting you. Contact us today to discuss your next upcoming real estate closing!
Minhas Lawyers LLP is a multi-practice law firm based in Mississauga. We advise and represent clients across various segments and practice areas.
Follow Us On
Monday – Friday:
9:00 am to 6:00 pm
Saturday - Sunday:
Book Appointments Only
Phone and Fax