Contract Advice

When you're buying a home and all of the contracts are signed and the keys are in your hand there is no chance for returns the way that there is with most things. You are buying the home as is unless you have made certain specifications for changes within the agreement. So, when you're in that final stage of buying a home then you're going to want to make sure you go over everything with your real estate agent and know exactly what you're signing for. Here are some tips to help you get through all of the real estate contracts.

Before a single contract is put in front of you it's important to make sure you know exactly what you're going to be paying for. That means doing a little more than just getting a home inspector to come in and tell you about the major issues. You should go through the report with them and ask as many questions as you want about the property you are hoping to buy. Not only do you want to make sure that you know how much repairs or maintenance might be but also that the inspector was thorough and checked everything.

Next, you need to understand that an offer of purchase is essentially a contract in itself if it is accepted. This is why it's important to not put in that offer until you've looked at all of the homes on your short list and really know that this is the place for you. You will also want to take some time to make sure that you will be happy with that offer if it is accepted without any negotiations.

Once you get to the final contracts you need to take the time to read everything and make sure that you fully understand what you're signing. Many people get excited about moving into that new home and don't take the time to make sure that everything is properly in order.

While your real estate broker or agent can help to guide you through the contracts you will really want a real estate lawyer present if you want the best answers to all of your questions. When you're looking for the perfect condo you should make sure that you're budgeting for expenses like this. Planning ahead is the right road to getting a home with no surprises after move-in day.

Learn more about what types of contracts and conditions you may encounter during your real estate transaction here.
The Canadian Real Estate Association (CREA) has put together some excellent advice for sellers.

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