I am buying a home! What should be in my purchase agreement?
Although most real estate agents are very carful about completing purchase agreements on behalf of their clients, when buying at home it is still important to carefully review your purchase agreement to ensure that it is complete and accurate. Unlike the vast majority of legal agreements, purchase agreements for residential homes are drafted by real estate agents as opposed to real estate lawyers. It is not uncommon for real estate lawyers like us to receive a purchase and sale agreement for a home that is already signed but may include incorrect or inaccurate information. We then have to work with the parties involved to rectify the issue which can create unnecessary stress in what should be an exciting time!
You should also review the Real Property Report before signing the purchase agreement to identify any issues with the property. These should be addressed prior to signing the purchase agreement in order to prevent last-minute issues at closing.
A Certificate of Title should also be obtained and carefully reviewed prior to signing the purchase agreement so that all restrictions on title such as easements and restrictive covenants are understood. Once the agreement is signed you are legally bound by any restrictions registered on title.
At Lift Legal, our real estate lawyers and paralegals assist with the purchase and sale of homes in St. Albert, Edmonton and all surrounding areas. We are here to assist you through the entire process. If you have any questions regarding what to include in your residential purchase agreement, please give us a call so that we can assist you and address any issues before it is too late.
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