Buying your first home is probably the happiest moment in everyone’s life. It gives you a feeling that you are financially stable and you will have something that will belong to you. Toronto homes for sale is here to offer you the house of your dreams.
The sale of real estate usually begins when two parties sign a contract and one of the party receives a certain amount of money which is usually 10% of the whole price. The contract states that the other party is obliged to pay the full amount within a certain deadline and be careful not to miss it. The term is not defined by any law, these things are agreed between the two parties – the buyer and the seller.
It is a procedure that includes two contracts and three if necessary. And if there are certain conditions that are not met or respected by some of the parties, the other party is allowed to immediately terminate the contract by hiring a lawyer and taking the case to court.
Before concluding the contract, it is of a huge importance to check the legal status of the real estate in order to check if everything is in its own order. The seller should meet all the requirements according to the laws and the same thing is expected from the buyer too. Unfortunately, there is a huge number of unregistered properties so be careful when you decide to buy a house and apartment no matter how tempting it may be.
To be sure that the real estate is registered under the law of registered properties, you will need to get a cop of the land registry and a certificate. This is a clear indication and a proof that everything about the place is legal. If you receive that, you are allowed to move forward with the purchase and sign the pre – contract.
But if the immovable property is not registered or entered into the system of real estate cadaster you need to report the case to the authorities immediately and terminate all the negotiations with the seller. If there is a registered mortgage on the real estate it will be hard or impossible to buy or sell that property. Be aware of all these things because they can get you into some serious trouble.
If the seller is not able to provide you with all the needed documents the process of selling will not be possible. However, the law determines that there is difference between registered and unregistered real estate and every potential buyer should have that in mind. According to the law of real estate all these documents must be concluded in a written form and certified by the authorities of course. There are also fake sellers who will try to give you fake documentation in order to get the money from you and then run away. That is why when buying a real estate, one must hire an attorney.