News & Articles: New Homes
If you are buying a new home, you will usually be asked to sign the builder’s form of Agreement of Purchase and Sale. It is very important to have your real estate lawyer review the builder’s form of Agreement with you before you sign it. No two builders use the same forms, and they differ significantly from the standard Real Estate Board forms. In addition, builder’s agreements of purchase and sale are lengthy and often strongly weighted in favour of the builder – in terms of price, extras, delays and even the obligation to complete the transaction. Hidden extras can cost hundreds – even thousands- of dollars. Whenever you buy a new home, make sure the builder is registered under the Ontario New Home Warranty Plan, and that the Goods and Services Tax is included in the purchase price. Builder offers are so complex that you can expect to spend between 30 to 60 minutes with your lawyer going over the terms in detail. It is always important to find an experienced real estate lawyer you can trust to provide legal advice and assistance on a builder’s Agreement of Purchase and Sale.
Contact Spagnuolo Professional Corporation at (905) 856-0034