Unsurprisingly, the housing market has been booming in Ontario and the prices have soared to heights never seen before. Due to the influx of individuals moving into Ontario, the population continues to increase rapidly. Unfortunately, the population is increasing exponentially and much quicker than the number of residential units being built. Of course, the last thing anybody wants is to be unsure of their housing situation especially if they urgently need to move out of their current residence and do not have much time. Due to this, the competition between buyers persists and increases. This also results in buyers taking on unconventional contracts without obtaining advice from a lawyer in attempts to come out on top in the bidding process. Having a lawyer, however, is extremely beneficial and an absolute necessity as we can help guide you through the process, protects your assets, ensure you get what you signed up for, depict which contracts are unconventional or unbeneficial to you, are ensure the other party in a signed agreement hold up their end of the contract.
A buyer puts in an offer for a dwelling, it gets accepted by the seller, the Purchase and Sale Agreement is signed by both parties, but last minute the seller backs out and abandons the agreement because a higher offer came along. This is the case far too often in the now booming housing market of Ontario. With many immigrants, young adults, and uninformed individuals coming in who have no knowledge of their rights or any procedures in the real estate process. In Ontario formal written and signed contract is required for every real estate transaction. The Agreement of Purchase and Sale entails all the important elements of the contract and the obligations all parties need to fulfill. Once an APS (Agreement of Purchase and Sale) is made and signed, both the buyer and seller are bound by a set of terms and conditions.
In the beginning of the process, when a buyer submits an offer, the buyer cannot revoke their offer for a specific period of time. During this time, the seller can accept it, reject it, or issue a counteroffer. If the other is accepted, then this transaction become legally binding. A deposit requirement usually follows within 24-48 hours after the offer has been accepted. This means that all parties in the contract are contractually obligated and any breach in contract is a fundamental breach. Keep in mind to ensure that your deposit is always secured. If a real estate transaction falls through, all deposits must be secured to ensure that the buyer can get their money back. If your deposit is unsecured, the chances of money being returned if a deal falls through is slim to none.
A lawyer can help you with this process and your needs. We can assist you in looking at other options, such as purchasing pre-construction homes that can be customized and catered to your liking. The lawyers here at 6ix Estates LLP are experienced and can help you have the painless, effortless real estate transaction you deserve. Get in touch with our firm at 416-206-6816 anytime Monday to Friday between 9am and 5pm. We will be more than happy to assist you with your home buying and selling needs.