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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.

It’s always best to have your agreement of purchase and sale reviewed by a lawyer. He or she will be able to spot any shortcomings or hiccups in the agreement, and help you identify solutions that will help keep the transaction moving.

As outlined on the Canada Mortgage and Housing Corporation website, it’s important that you verify a number of details. One of the more challenging details parties may have trouble agreeing upon are the conditions of the sale.

You may only want to make the sale on the condition that you get your financing sorted out within a specific timeframe. For example, if you are relying on funds from another sale, but that sale falls through, you may not have the finances to complete this purchase.

Another important detail to confirm is the date that you will take ownership. The seller may need more time if he or she is looking for a new home. Or, there maybe a tenant currently residing in the property. Other conditions may include fixes or repairs that need to be carried out before the closing date.

Whatever the details might be, its important that you have them clearly outlined, and reviewed by a lawyer in order to help you protect your financial interests.

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