The purchase of a home may be the largest purchase you make in your life. This purchase, as all real estate transactions, involves the signing of an agreement of purchase and sale. This document is a crucial part of the entire transaction as it provides details of the terms and conditions of the sale.
The purchase and sale agreement clearly outlines the rights and obligations of both the seller and buyer. The document includes pertinent information such as the identity of both parties, location of the property, chattels to be sold with the property, price, rate of interest for late settlement, deposit amount, buyer conditions, the date on which the agreement becomes unconditional, and settlement date. The agreement will also contain obligations that must be met for the sale to proceed as well as the conditions under which the sale can be halted or terminated.
A purchase and sale agreement is often a complex legal document with many legal terms that can be confusing. One way to ensure each party fully understands all the terms and conditions is by having a real estate lawyer review the document.
Why hire a lawyer to review your agreement of purchase and sale?
Here are five reasons a lawyer should review your purchase and sale agreementꓽ
- Once the agreement of purchase and sale has been signed and all conditions waived or fulfilled, it becomes a legally binding contract between the buyer and seller. Having a lawyer review the agreement will help each party to avoid mistakes or unforeseen challenges with the sale.
- A lawyer can explain unfamiliar terms or legal jargon to give you a better understanding of the details of the agreement.
- A lawyer will help to protect your interests by renegotiating terms that are not favourable.
- An experienced real estate lawyer will be able to identify details that may have been missed by someone who has no experience in real estate law. A lawyer is qualified to explain how the law works regarding buying and selling real estate and provide you with legal advice.
- A lawyer can also guide you in important matters, such as the tax implications of the transaction.
Are you searching for a real estate lawyer in Richmond?
If you are searching for a real estate lawyer in Richmond, BC, contact Bernard Lau and Co. Law Corporation.
The sale of a property is a complex transaction. Allow our capable and efficient team to provide guidance that will allow you to achieve the best possible outcome.
Bernard Lau and Co. Law Corporation is a boutique firm with a focus on real estate law and conveyancing. Our diverse and experienced team assists clients in obtaining a resolution to complex legal matters and disputes. Our multilingual team members can cater to the needs of a wide range of clientele. We boast a reputation for delivering efficient legal services, and clients enjoy a welcoming environment based on respect and professionalism. Call or visit our website today to schedule a consultation.