Why You Need A Lawyer When Purchasing A Condo
When you’re finally able to purchase a property, whether it’s a house or a condo, it can be an incredibly exciting (and even overwhelming) process. But as many first-time buyers get caught up in the excitement and eagerness of nailing down their new home, it can be easy to forget just how important it is to have an extra set of legal eyes to look over the Purchase and Sale Agreement. This legally binding document stipulates what the obligations of both parties are, including the terms of the transaction. That’s why it is crucial as a homebuyer to be crystal clear about what that agreement entails in order to avoid any discrepancies or surprises that could catch you off guard in the future.
Learn more about why you need a lawyer when purchasing a condo, and how they can provide the reassurance and confidence you need before signing on the dotted line.
Legal Jargon Is Hard To Interpret
If you’ve ever had the opportunity to read over an official legal document, you probably have an idea of just how complex and difficult they can be to fully decipher. And since these types of documents are legally binding, it is imperative that you understand them completely. The contractual language that is included in your Purchase and Sale Agreement can also be challenging to interpret. And like all legal documents, you should never be second-guessing what it means. That’s why it’s always wise to hire a lawyer to explain the legal jargon to you and to look over the document to ensure that it matches what was initially agreed upon.
The Details And Language Matter
When it comes to contracts and legal documents, the details and terminology really matter. If an incorrect or inappropriate word is used in the agreement, it could leave you with some serious issues down the road. For example, in the financing clause of an agreement, if it states “conditional upon financing”, this means that you could end up having to renegotiate or even potentially lose the condo if you cannot come up with the financing in time.
We’re all human, so mistakes will happen from time to time – even for a top-notch real estate agent with plenty of experience behind them. But one innocent error and typo in your contract could equate to some serious problems for you. Once this agreement is signed, it is very difficult to undo any errors, which can end up costing you an exorbitant amount of time, money and aggravation in legal battles. Having a lawyer provide their objective expertise by reviewing it, is the best way to ensure that everything is sound, without errors and in your best interest.
Verbal Agreements Are Non-Binding
What is said is not always what is written. Often, real estate agents may offer incentives that can end up being interpreted quite differently when written into the agreement -- or even excluded from it altogether. An example of this could be the monthly maintenance fees and what they specifically include – you could be told one thing during an open house, only to find out that it's very different after purchasing. Everything in your document has to be in written form and signed off on in order to be binding. A lawyer can make sure that happens.
Benefits Both Parties
There can be some unfair advantages when the other party draws up your Purchase and Sale Agreement with the potential to tilt the language and document in their favour. And without the legal know-how to pinpoint those potential dubious clauses, it could also place you in a very problematic situation once the contract has been signed.
When it comes to any legally binding documents – especially one as significant as a Purchase and Sale Agreement, having a legal set of eyes to look over everything and negotiate on your behalf can help protect your best interests. That’s why you need a lawyer when purchasing a condo to cut through the legal jargon and give you the protection and reassurance when making a big leap into home and condo ownership. Always have your documents reviewed by a lawyer who is well versed in real estate transactions before signing anything.