Environmental concerns can arise in almost any type of real estate transaction. They are not limited to old industrial sites or obviously contaminated properties. A residential buyer may encounter radon, mould, older insulation, a buried fuel tank or questionable plumbing. A commercial purchaser may need to consider historical land uses, ...
Continue ReadingMost homebuyers naturally focus on what they can see. They notice the kitchen, bathrooms, flooring, natural light, lot, neighbourhood and general condition of the property. A freshly renovated home can be particularly appealing because much of the work appears to have already been completed. Occasionally, however, attractive cosmetic improvements can ...
Continue ReadingReal estate transactions involve a remarkable amount of information. Conversations occur between clients, real estate professionals, lawyers, lenders, inspectors, contractors, property managers, accountants, municipal departments and other participants, while decisions are being made about financing, conditions, repairs, timelines, property information, negotiations and contractual obligations. Most of those discussions occur while ...
Continue ReadingReceiving an offer is one of the most anticipated moments in the sale of a property. Receiving several competing offers can be even more exciting, particularly when one appears to offer substantially more money than the others. It is natural for a seller’s attention to immediately move toward the highest ...
Continue ReadingMost homeowners understand the importance of having property insurance. When a mortgage is arranged, insurance is generally part of the process, a policy is purchased, premiums are paid and the homeowner moves on with the business of owning and maintaining the property. Years can then pass without much thought being ...
Continue ReadingFinding the right commercial space can be an exciting step for a business. A new location may provide room to grow, better access to customers, improved facilities or the opportunity to establish a business in a market it has been trying to enter. Once a suitable property is found, however, ...
Continue ReadingAn escape clause is a provision in a conditional Agreement of Purchase and Sale that can allow a seller to continue considering other offers and, in defined circumstances, require the original buyer to make a decision about an outstanding condition within a specified period. A seller who accepts a conditional ...
Continue ReadingBuying a property from an estate can look very similar to any other resale transaction. The property is listed, buyers arrange showings, an offer is prepared and, if accepted, everyone works toward closing. The difference is that the person selling the property may not be the person who lived there, ...
Continue ReadingConditional clauses are an important part of real estate transactions because they give a buyer or seller time to deal with uncertainty before becoming fully committed to a particular outcome. A buyer may need to arrange financing, inspect the property, review condominium documents or investigate whether a property can support ...
Continue ReadingReal estate transactions involve a large number of decisions, deadlines, expectations and professional relationships. Buyers, sellers, landlords, tenants, lenders, lawyers, inspectors and real estate representatives may all be involved at different stages, and each participant may be working with only part of the information required to complete the transaction successfully. ...
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