Law

What are some Conditions to be Wary Of in Offers to Purchase?

If you come across any of the following or are even "suspicious" of a term within a contract to purchase, contact legal counsel or your Realtor for professional advice BEFORE you sign.

• No cash paid as a down payment.
• An amount of cash being returned to the buyer.
• Your equity participation.
• A promissory note without a registered mortgage.
• An agreement to withhold registering a mortgage.
• The seller (you) to secure a new loan before closing.
• Terms said to be included, but which are not written in the offer.
• Concealing information from a lending institution.

Do I, as Seller, need a Lawyer or Notary Public to Complete the Sale?

While it is the normal practice for the buyer’s lawyer or notary to prepare the documents necessary to transfer the legal ownership, it is recommended that you, as seller, engage legal counsel to act solely on your behalf. Among other things, he or she will protect your interests by:

• Checking the documents prepared by the buyer’s lawyer and explain them to you.
• Ensuring that your old mortgage has been properly discharged if this is required.
• Ensuring that you have no further obligation regarding your old mortgage if it is being assumed by the buyer.
• Confirming that all payments for which you are responsible have been made.
• Arranging for you to sign the transfer documents.
• Preparing a statement for you outlining where all the purchase money was disbursed and giving you a cheque for the balance.

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