Real Estate

When to call a Lawyer and what you need to know

 

If you are considering selling or purchasing real estate, it is advisable to consult a lawyer prior to signing the Agreement of Purchase and Sale or, in the alternative, inserting a clause in this agreement to give you an opportunity to review this agreement with a lawyer prior to it becoming final and binding.  In many cases a standard form of Agreement of Purchase and Sale is used.  The Purchaser or Vendor, as the case may be, must ensure that all significant terms, representations and warranties are included in the Agreement of Purchase and Sale. The Vendor and Purchaser will necessarily have different concerns which must be addressed in order to complete the transaction.

Real estate law is a branch of civil law that covers rights to possess, use, and enjoy land. This area of law covers relations between owners, their permissible interests in the property, transfers of interest in real property, financing of real property, including deeds, mortgages and leases. Real estate transactions – purchases, sales or leases – are the subject of both federal and provincial laws. The agreement of purchase and sale with respect to real estate is a contract, and as such, it must be made in writing in order to comply with the Statute of Frauds. This agreement brings with it all the obligations, responsibilities, and procedures of contract law and it spells out the rights and obligations of each party to the transaction. With the recent introduction of a paperless, electronic land registration system, Costa Law Firm PC can assist you with your property transaction, regardless of its location in the province of Ontario.