What To Expect From Your Lawyer When Buying A Condo?

What Does A Condo Lawyer Do?

First Published Date: Nov 14, 2010

When you are buying a condo, you need to have a lawyer because they will help you get through all the complicated parts of the condo purchasing process, helping you make sure you get exactly what you want when you buy a home.

The lawyer is going to talk to you about several things that will be of interest to you, many of which you may not know about. Knowing these things will help ensure you get what you want out of your purchase.

HST is something that many people do not understand, nor like. It is also something to consider when you are buying a condo. There is an HST Rebate that is meant to give you money back on large purchases like a house, but if you don’t know how to file for this rebate, you could lose out big time. A condo lawyer can help you get the rebate, which will help you pay for that new condo of yours.

The contract can be very complicated and you may feel as though it is written in a different language. A condo lawyer is going to be able to go over that contract with you and give you help in understanding what is being said in the contract. One of the biggest mistakes that people make when they are buying a house or a condo is they just buy the condo and sign the contract without reading it. However, did you know about things like caps? Just like a salary cap in the NHL, a cap on fees keeps you from paying too much. Cap costs have gone up by nine times in ten years, but if you just sign a condo contract without having a lawyer look at it first, you could end up paying as much as $10,000 more than what you needed to, just in closing cap costs like gas hook ups.

There are going to be several fees associated with your purchase and developers love these fees because it is essentially free money for them. As a result, if you don’t read the condo contract properly, you could end up paying thousands in useless and unwanted fees. A condo lawyer knows what developers try to do and they know how to keep you from paying for fees. Everything from purchase fees to fees on utility hookups are going to be charged, and you don’t want that to happen. Have the lawyer look over the contract carefully because the savings you get from not paying too much for your condo will offset the amount you pay for a lawyer immensely.

Here are a few things you can expect from a lawyer:

– Explain, prepare and register all related legal documents, such as purchase contract, title, HST rebate etc.
– Scrutinize that there are no liens, easements, covenants, unpaid taxes, unpaid utilities etc against the condo.
– Arrange title insurance protection, review all the closing papers you need to sign, and ensure your registered
ownership does not make you liable for more than what you have accepted.
-  Explain and advice you on your rights, obligations and protect your interests in case of a dispute.
– Assist you to close the transaction through province’s electronic registration system.

Before you hire a condo lawyer, you should talk with friends and families to find out any lawyers they have used and whether or not you should need one. You can also talk to your realtor but it is better to get a lawyer who is not affiliated with a realty agency. Finding a good condo lawyer will ensure you do not pay too much and you get exactly what you paid for.