Buying a home is exciting but involves a lot of paperwork, rules, important decisions and legal steps. If you plan to buy a home in Brampton, Canada, understanding these legal steps can make the process smoother and save you from unexpected troubles. Below are some legal steps you can’t afford to miss.
Reviewing the Purchase Agreement
The purchase agreement includes details like the price you’ll pay, the closing date, and any terms and conditions that need to be met. You must review this document carefully; having a Brampton real estate lawyer review it with you is even better. Sometimes, clauses might not benefit you, or you might want to add specific conditions. For example, you might want to add a clause that lets you back out of the deal if you can’t get a mortgage. A lawyer can help you negotiate and understand each part of this agreement.
Doing a Title Search
Before you buy any property, you need to know who legally owns it. A title search is the process of checking the property history to ensure there are no legal issues. Suppose someone else has a claim on the property or there are unpaid taxes. Such issues could become your problem after buying the home. A title search can help you avoid unpleasant surprises.
Checking for Liens
You should ensure there are no liens against any property you want to buy. A lien is typically placed on a property when the owner owes money. If there is a lien, it means someone else might have a right to take ownership if the debt isn’t paid. A real estate lawyer will help check for liens so you don’t inherit any debts when you buy your new home.
Understanding Zoning and Property Restrictions
The City of Brampton Zoning By-Law dictates the “use, size, height, and location of buildings and structures on all properties within the City.” If you plan to make changes to your home, like building a new deck or adding a shed, you’ll first need to know what’s allowed. An experienced Brampton real estate lawyer can help explain any restrictions and guide you on what’s possible with the property.
Getting Home Insurance
Home insurance isn’t just about protecting your home. Lenders often require you to get insurance before giving you a loan. Ensure you find a comprehensive policy that meets the lender’s requirements.
Completing the Final Walkthrough
Before closing the deal, you’ll get to do a final property walkthrough. This walkthrough is your chance to check that everything is in good condition, as agreed upon in the purchase contract. Ensure any repairs the seller promised are done, and check for any new issues like leaks or other damage. If you find something wrong, talk to a real estate lawyer about how to address it with the seller before the closing.
Knowing the Closing Costs
Buying a home comes with additional costs beyond the price of the property. These costs, known as closing costs, include legal fees, property taxes, title insurance, and land transfer taxes. These fees can add up, so budgeting for them in advance is smart.
Registering the Property
You’ll need to sign closing documents to transfer ownership, and then it’s time to register the property in your name. This process involves filing the property transfer with the Ontario Land Registry Office, which makes you the official owner. Consult a real estate lawyer to guide you through the process.
Finding a Brampton Real Estate Lawyer
As you can see, a Brampton real estate lawyer is an invaluable asset in a real estate transaction. They’ll review all your documents, help you understand your rights and responsibilities, and catch any red flags that might pop up during the process. Hiring a lawyer is always a good idea, especially if this is your first time buying a home.
Are you looking to buy a home in Brampton? Contact us today to learn how our experienced real estate lawyers at GS Brar Law can help.
