CBC News reports on the growing obsession of Canadians with the real estate market. Online home selling company Zoocasa together with Abacus Data recently conducted an online poll of 1,000 Canadian respondents, and found that up to 84 per cent of them always think about real estate, and about 85 per cent have shopped for a new home online in the past year. Zoocasa president Carolyn Beatty commented on the poll, saying, “Canadians seem almost obsessed with real estate”.
Buying a home is an investment, and for the majority of Canadians, according to Beatty, it’s the largest investment they would ever make in their lives. It is therefore important for Southern Ontario residents to find an experienced Mississauga real estate lawyer to ensure that all documents, agreements and financing related to the purchase are fair, if not advantageous, to them. This is especially true for re-sales which may have hidden issues on zoning, liens, encumbrances, and title, among others.
According to CBC News, up to 34 per cent of the country’s population say that either they or a family member is seriously preoccupied with real estate; this number goes higher in the Greater Toronto Area which has up to 47 per cent of its residents obsessed with it. When buying new homes, there are basically two to three players: the buyer, the seller, and the optional real estate agent or lawyer. Having a real estate lawyer instead of just an agent to assist you will take care of all legalities faster and more securely.
Ideally, it would be best to get the services of a lawyer the moment you decide to purchase a home. This would be before you submit an Offer to Purchase so that he can review all pertinent documents and discover red flags, if any. Many fail to realize the importance of a real estate lawyer, and only call on one when the Agreement of Purchase and Sale has been signed and problems start to crop up.
Know that a real estate lawyer in Mississauga, or any place in Canada, can, among other things, perform a title search to determine if it is presently under mortgage and explain its effect on your purchase, and consequently discuss the advantages of a title insurance. He can also advise you on financing arrangements, such as a mortgage, interest rates and payment terms. Generally, he will be with you from start to finish, and after the transaction is closed.
The article also mentioned that up to 28 per cent of the respondents confirmed that they have visited an open house in the past 12 months, which shows how serious they are about real estate. This further emphasizes the need to have a legal expert to look into the terms and conditions of the sale even before any offers are made.
Save yourself the trouble and regret of situations that may prove irreversible in the end. Get a seasoned real estate lawyer you can trust to help you get your dream home.