Kelowna Real Estate Market News

Why have 'Legal Advice' during a Real Estate Transaction?

In today's post, we look at the benefits of appointing a legal representative before the removal of subjects & why it's a good idea to have a 'Subject to Professional Advice' clause in your Contract of Purchase and Sale.

"Legal Advice from a Real Estate Lawyer is fundamentally different (and more than just 'filing documents')" says Kelowna Real Estate Lawyer Peter Borszcz, of Montgomery Miles & Stone Law Firm.

Appointing a Lawyer before you remove your subject clauses means that you receive -:

  1. Education on the nature of the land tenure (fee simple v. strata property v. native land v. cooperative interest) being offered for sale.
  2. An explanation of the client's title, review of charges, explanation of easements and other relevant legal notations;
  3. A review of the contract, and suggestions on omissions and inconsistencies in the contract document to the Realtor;
  4. A discussion of the future uses of the property, review of the alignment of the future uses with the legal limitations found on the title.
  5. Review of the subject conditions, discussion of good faith obligations, legal limitations on a home inspection (buyer beware rules, latent defect disclosures), strata levy, and parking issues.
  6. An overview of the next steps in the transaction, how subjects are removed with the Realtor, and what is needed to proceed to closing (ie; getting insurance, obtaining bank drafts, ect…) and, in some cases, what legal remedies exist if a transaction does not close (ie; dealing with a collapsing deal).
As you can see, there are a substantial number of things you can find out about your potential new home, so make sure you do speak to your Lawyer before removing your subjects.Smile

Kind Regards

Trish Cenci

My thanks to Peter Borszcz for this information. To contact Peter direct -:

Address: #510-1708 Dolphin Ave. (Landmark 2), Kelowna BC, V1Y 9S4.

Email:   Office: 250-980-3360

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