A real estate transaction combines deadlines, money, title, financing and contractual obligations. Understanding the stages helps buyers and sellers know which questions belong with their lawyer, notary, realtor, lender or other professional.
Price is only one part of a purchase agreement. Dates, conditions, included items and other terms can have significant consequences. Get advice before signing when you do not understand a provision or need a condition drafted for your circumstances.
Once a binding agreement exists, changing your mind may not be simple.
Strata property purchases add another layer of information. Buyers may need to consider strata documents, bylaws, financial information, insurance, planned work and other records in addition to the purchase contract and title. Questions about a particular property should be raised before subject-removal or other contractual deadlines.
Read the complete contract and schedules. Do not rely only on a verbal description of what the document is supposed to say.
Ownership, registered charges, easements and other title matters can affect a property. The relevant searches and review depend on the transaction.
Condominium or strata purchases can also involve records and obligations beyond the land title itself.
Non-standard transactions deserve earlier legal involvement. Private sales, family transfers, multiple purchasers, trusts, unusual financing and commercial components can require planning that is difficult to solve at the last minute.
If there is an unusual ownership arrangement, family transfer, private financing or title concern, raise it before the closing deadline.
Lenders may impose instructions and funding conditions. Buyers should understand what funds they need to provide and when, while sellers should understand payout and discharge issues affecting existing financing.
Last-minute document or identity problems can create unnecessary pressure. Respond to the legal professional's document requests early.
Confirm identification requirements, signing arrangements, required funds and how keys or possession will be handled.
Most transactions are intended to close without litigation, but issues such as non-completion, misrepresentation, defects or contract interpretation can create disputes. The lawyer handling a conveyance may or may not handle litigation.
If a dispute develops, ask whether separate litigation counsel is needed.