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What should I check for in my purchase and sale agreement?

When the search for a new home is over and you decide upon a property that you wish to purchase, it can be a very exciting and emotional period. You may already be thinking about colour palettes and what furniture to buy before the ink is even dry on the purchase and sale agreement.

But its important that you read through your purchase and sale agreement thoroughly before you sign. There may be conditions and stipulations that were included or excluded, or other details that could derail the sale.

Using A Realtor: Technology Versus The Human Touch

You’ve probably heard many different stories of companies utilizing technologies in innovative ways to make the consumer experience more efficient. Whether it be digitizing documents, online sales, or having artificial intelligence complete tasks for you, there’s no question that advancements in technology are becoming the new normal when conducting business.

However, for real estate agents, the technology trend has been hit and miss.

Understanding a status certificate's role in a condo purchase

After looking at all home-buying options, you finally decide that a condo is the best fit for your current lifestyle. Condos have been rising in popularity for a number of reasons – many first-time home buyers can afford them, they often provide added amenities like a pool or gym, and outside upkeep and maintenance are typically handled for you.

However, with these pluses come some issues of which you should be aware. There is something that comes along with a condo known as a status certificate. This document, which should be as current as possible, will provide you with details not only about the condo corporation, but also about the fees you will likely be paying.

The differences between a deposit and a down payment

When you are in the market for a home, you may hear people using the terms deposit and down payment interchangeably. However, to do so is a mistake. These terms are actually distinctly different and play different roles in real estate transactions. Deposits come first and occur when you make a formal offer on a property. It's an act of good faith. You're showing the seller your real interest.

With the real estate market as it is these days, gone are the times when a prospective purchaser can plunk down $100 with an offer to purchase. In many instances where there are multiple offers on the table, a sizable deposit may actually make or break your offer. Depending upon the other terms in the offer, a vendor is more likely to accept an offer with a $5,000 deposit, rather than one that is $500, although it's still up to you as a purchaser as to what you offer as a deposit.

What Can a Real Estate Lawyer Do for You

It is common knowledge that you need a real estate lawyer when they buy or sell a home, but many people are not entirely sure what their lawyer actually does for the transaction. This is something we intend to clarify in this article, and it should help you make the right decision when choosing a Mississauga real estate lawyer for your real estate deal. 

What happens if you miss a mortgage payment?

When a borrower fails to pay their mortgage installments, the lender can choose between several mortgage remedies. These include power of sale, judicial sale and foreclosure. There are several more, but these three are the most commonly used, and we will be dealing with them in this article. 

Law Clerk vs Lawyer: What's the difference?

Law clerks and lawyers can often be confused as being the same, due to the similarities in their job tasks and title. In Ontario, the law clerk can be seen as the right hand man to the lawyer. As law firms and corporate legal departments are constantly being challenged to provide the best possible legal council 

What is Title Insurance and do I need it?

Whether you're thinking of purchasing a home soon, or already a homeowner, getting Title Insurance should be something to consider. Although Title Insurance is not required in Ontario, it will protect residential or commercial property owners and their lenders against losses related to the property's title or ownership. 

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