- A Legal Perspective
- Taking Title of Land in Ontario
- The Role of the Solicitor in a Real Estate Transaction
- Costs Related to a Real Estate Transaction
Your Purchase, sale or mortageOne of the most important financial decisions that most of us face relates to the purchase, sale or financing of residential property.
Often the decision to buy a property is determined by extremely esoteric factors and it is not uncommon for the home buyer to spend less time reviewing or researching his or her new acquisition than they would for a new car or stereo.
In any context, a house is a major investment and the wise purchaser or vendor will ascertain the costs of acquiring that property thoroughly before jumping headlong into a decision of such magnitude.
In the following pages we have prepared information relating to the legal side of the transaction with particular emphasis on the provisions of the purchase and sale agreement that you may use to protect yourself and the costs and taxes relating to the transaction.
I would like to take this opportunity to specifically write on the issue of financing your purchase. We have noted a trend among purchasers who believe that financing can be arranged on short notice. This is not true. Financial institutions are reporting to us that they have been overwhelmed with last minute financing requests. They can't keep up.
It is essential that you arrange your financing at the earliest opportunity. In the event that your financing has not been arranged and approved no less than three weeks before closing, you are at risk of being unable to close your transaction on time.
We invite you to peruse these documents. If you should have any questions or concerns, please do not hesitate to contact either myself or my assistant, Kim Blanchfield who may be reached at (613) 836-1676. We would both be pleased to assist you.
GERALD S. YEMENSKY