Buying a brand new house or condominium can be exciting. There are many new residential developments popping up every week and it’s important that you have a real estate lawyer thoroughly review your agreement of purchase and sale and related documents to ensure you are, in fact, getting what you have bargained for.
A new construction home or condo differs from a resale property in that you are buying directly from the builder, rather than from a current owner and occupier. Offers and counter offers to buy a new build property are legally binding. Having a lawyer ensures your contract covers all of the important details.
Your Legal Ally
Your Axess Law real estate lawyer is your ally. They will:
- review the “subject tos”
- look for hidden costs for upgrades
- find clauses that commit you to certain costs or actions
- inspect your contract for irregularities such as materials the builder may substitute in the final built product
- tell you if you own or lease the lot or if it is a bare land strata
- explain or negotiate closing costs
- Help to protect your down payment until the deal is completed
- advise you what to do if delays occur, and
- answer questions about what is involved, from inspections to bank appraisals.
Your Axess Law real estate lawyer can handle all of the details, so you aren’t surprised when you open the door the first time. Before you sign, ask us about your rights and obligations.
5 Tips For New Home Buyers:
- Add a “subject to” clause allowing a lawyer to review the offer and property title before the contract becomes binding. This is typically included, but it’s important to confirm.
- Put everything you want in your contract, from granite counters to custom blinds.
- If applicable, make your offer conditional on securing a satisfactory mortgage.
- Inspect your new home before you accept the keys. The pre-delivery inspection is a walk through to catch defects and ask questions.
- New homes come with a warranty that varies by province. Read it carefully and in Ontario, register your warranty with MyHome.Tarion.com.