By: Jayson Schwarz
In this article I will try to provide some of the basic knowledge that you will need in order to go forward to put in an offer to purchase your home
1. The first thing to do is figure out where you want to live and learn about the area.
What does this mean? Research, research and more research. Block out as broadly as possible, the boundaries of the area you want to be in and then drive and walk around it. Familiarize yourself with schools, parks (green spaces) shopping facilities, hospitals, recreational facilities, etc. Then check out what industry is in the area. Will big trucks come down my street? Will I hear stamping presses at 2am? Are there lots of children? The next important thing to do is to go to City Hall and speak to the Planning, Building and Zoning departments and find out if there are any surprises planned. If you are satisfied this area is right for you we move to the next step.
2. Find the right lawyer ahead of time.
A lawyer must advise you at the time you make your offer, to help and guide you in understanding the Offer (Agreement of Purchase and Sale). The right lawyer will explain how real estate agents work, what documents they will ask you to sign and what is to be included in the Offer. It is important that your lawyer explains all the potential costs you will face and what you may encounter.
How do you find that lawyer? There are a few different ways. The Law Society of Upper Canada offers a lawyer referral service for lawyers in particular areas of law. If you call them they will refer you to 3 lawyers that practice in real estate and can in fact provide you names of lawyers that practice in a given geographical area. Look in newspapers and magazines and see who is writing useful articles. These are lawyers that have been recognised to have certain expertise and are probably a good place to start. Speak to friends and family who have had a good experience with a particular real estate lawyer and go and interview them. Go online and google anyone you are going to see. Go to their website and see what they offer.
Once you find a lawyer ensure that you arrange a pre-agreed fee with the solicitor. Get the fees locked in. How much is right you ask? Ok, here is a range. The fees to close a normal resale home or condominium under $500,000 should be somewhere between $800 and $950 plus HST and disbursements. This may vary in special circumstances. Also make sure you get a FREE offer review. Then have him provide you a list of disbursements. Disbursements are those monies expended by your lawyer on your behalf necessary to properly search and close the transaction. Be careful, it is here that someone may try to take advantage by charging large fax, mail and photocopy fees. Make your lawyer justifies all expenditures that don’t make sense. Insist on this and if you don’t get what you want or need, see another lawyer.