News & Articles: First Time Buyers
Buying a home is an extremely important decision, and whether you’re a first time buyer or not, you should get all the information and assistance you can. Experience shows that first-time buyers need more legal advice than a veteran homeowner. An experienced real estate lawyer will advise a first time buyer about what clauses to put in an offer, and what clauses to leave out. For example, you may want an escape clause that will allow you to cancel the offer if you find the house is not what you thought it was, or if you cannot get a large enough mortgage. You will want a guarantee that the house conforms to municipal bylaws and housing standards, that is does not contain formaldehyde insulation or termites, and that the vendor will provide a survey which you will need for financing. The offer should also list exactly what items inside the house you are expecting to go along with the purchase. A real estate lawyer can save you from committing to a purchase that you will not be able to complete, or one you will have to complete on unfavourable terms.
Contact Spagnuolo Professional Corporation at (905) 856-0034