Real estate can be a tricky line of business, whether you are the buyer, the seller or the agent. Every home sale requires a lawyer (or should) who has experience in real estate. From document signing to land transfer tax fees and property tax assessments, your lawyer will help guide you through some of the trickier parts of your sale.
The key is using professionals in all aspects of your real estate dealings. You need to use a licensed agent, an experienced lawyer and trustworthy mortgage brokers/lenders. It’s also important that you take advantage of all opportunities to vet the property you are looking at. This includes having a licensed home inspector do a thorough investigation, as well as ensuring your agent has disclosed everything they can about the property.
The last thing you need is to close a sale and find out the property is infested with termites, or that there is a lien on the land – or that the seller didn’t have the power to sell the property to begin with. Yikes!
It’s also important that you have all your information sorted out if you are selling a home. For properties such as condos, you need things like estopple certificates, financial reports for the condo association, and even the most current bylaws. You also don’t want to find yourself in a position where you are entertaining an offer with conditions, but you receive an even better offer in the meantime. It’s important that you aren’t entertaining other offers on the side while you are in negotiations with a potential buyer. Once you start signing offers and counter-offers, dropping a negotiation out of the blue could cause issues.