How To Offer to Purchase residential Real Estate
This is a very important area of law to many people. The purchase of a new (or used) home is one of the most important financial decisions anyone will make. It is essential that any agreement of purchase and sale be reviewed by your lawyer before you sign anything.
Some considerations:
- What is the proper description of the property
- What are the proposed purchase terms
- Is the driveway mutual or private
- Are there any easements
- Is there a valid up-to-date survey
- What are your financing options
- Will the vendor take back (give) you a mortgage
- What conditions of your agreement require compliance and which ones may be waived
- Is there a lease that has to be terminated, are there tenants
- What fixtures and chattels are included and which ones are excluded
- If there is a swimming pool, is there a warranty as to legality and good working condition
- Does the property conform with your intended use
- When do you want to close the deal
- Who should receive the interest earned on your deposit
- If the property is a rental property, does it comply with the Landlord and Tenant Act, Residential Rent Regulation Act, Rental Housing Protection Act, and Rent Control Act
- If the land is vacant, review any and all environmental concerns and insert a protective condition in the offer to purchase
- How much will you have to pay in Land Transfer Tax
Copyright 1998 Siegel, Alexander.
This web site is designed for information purposes only. Any articles and advice given here should be followed up with your legal counsel.
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