Buying or selling a property is a substantial financial transaction, so it’s essential to attend to every detail. The APS specifies the terms of the sale, including the purchase price, closing date, and any conditions that must be met prior to the sale’s conclusion. However, many individuals are unaware of the importance of having their APS reviewed by an Ontario real estate lawyer before signing it. In this article, we will discuss the circumstances in which you should consider having your APS reviewed by a real estate lawyer to protect your interests.
Table Of Contents:
When You’re Purchasing a Home?
You should ensure that the APS reflects your interests and protects you from any potential legal issues in the future if you are purchasing a property. Here are a few instances when you should consider having an Ontario real estate lawyer review your APS:
Prior to Executing the APS
Before signing the APS, you should have it reviewed by a real estate lawyer near me. Your lawyer can review the document to ensure that it is in your best interests, and can also assist you in negotiating any terms that are unsatisfactory.
When Contingencies Exist in the APS
If the APS contains contingencies, such as a condition that the sale is contingent on the completion of a home inspection, it is crucial to have a real estate lawyer review the APS. Your lawyer can assist you in comprehending the implications of the contingencies and ensuring that they are defined precisely in the APS.
When Investing in a Home with an Unusual Structure
If you are purchasing a property with an unusual structure, such as a co-op or a condominium, it is advisable to have a real estate lawyer review your APS. Your lawyer can assist you in comprehending the specific legal requirements for these types of properties and ensuring that the APS is structured to safeguard your interests.
When selling a property, you should:
When selling a property, it is essential to ensure that the APS is structured to protect your interests and limit your legal liability. Here are a few instances when you should consider having an Ontario real estate lawyer review your APS:
Before Listing Your Home for Sale
Before you list your property for sale, you should have a real estate lawyer review your APS. Your lawyer can assist you in comprehending your legal responsibilities as a seller and ensuring that the APS reflects your interests.
When Contingencies Exist in the APS
If the APS contains contingencies, such as a condition that the sale is contingent on the buyer obtaining financing, it is crucial to have a real estate lawyer review the APS. Your lawyer can assist you in comprehending the implications of the contingencies and ensuring that they are defined precisely in the APS.
When Problems Exist with the Property
If there are issues with the property, such as a leaking roof or a mold issue, it is important to have a real estate lawyer review your APS. Your lawyer can assist you in comprehending your legal obligations as a seller and ensuring that the APS protects you from future legal issues.
Conclusion
In conclusion, having an Ontario real estate lawyer review your APS is a crucial step in any real estate transaction. Having a real estate lawyer on your side, whether you are buying or selling a property, can help you avoid legal pitfalls, protect your interests, and ensure that your APS is structured to meet your needs. Choose the right real estate lawyer and take the time to comprehend the process if you’re in the midst of buying or selling a home.
