Do Mississauga home buyers need a real estate law firm?
In some situations, there is a little room for error – purchasing a house is not among them. Your dream home, and likely a good portion of your life savings, are at stake. Furthermore, you are entering into a contract that will impact your financial situation for many years to come. When you need a reliable real estate law firm in Mississauga on your side, you need Gujral Law Office.
What role does your lawyer play in the home buying process?
When planning to purchase a home, the first professional who comes to mind is a real estate agent. However, your real estate law firm offers many essential services that make the process smoother and more efficient, as well as helping you avoid costly mistakes. These include:
- Reviewing legal documents such as the Agreement of Purchase
- Alerting you to unfavorable terms such as clauses that may increase closing costs
- Verify that the property is free of liens and other claims against it
- Make arrangements for the title insurance
- Verify that property taxes are current
- Calculating transfer taxes and Harmonised sales taxes
- Closing and ensuring all terms are met
Do you need a lawyer before you sign?
Many Agreement of Purchase and Sale are contingent upon review by the purchaser’s lawyer. That means you can probably terminate the agreement after signing if your lawyer advises you that the terms are not favorable. However, it is important to understand that the timeframe for legal review is generally short, sometimes less than a week. Essentially, if you haven’t seen a real estate lawyer and formally raised your objections to the agreement by the deadline, then you probably waived your right to do so. Therefore, it is wise to consult a real estate law firm as early in the process as possible.
Do not risk your financial security and dream of homeownership by signing papers that you don’t truly understand. Call Gujral Law Office at (647) 957-8077.Back to Real Estate Page