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 -:
- Education on the nature of the land tenure (fee simple v. strata property v. native land v. cooperative interest) being offered for sale.
- An explanation of the client's title, review of charges, explanation of easements and other relevant legal notations;
- A review of the contract, and suggestions on omissions and inconsistencies in the contract document to the Realtor;
- 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.
- 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.
- 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).
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