Buying a home for the first time is an exciting (if daunting) experience. Most first-time homebuyers have many questions when it comes to their real estate transactions—and understandably so. There’s a lot to explore, take in, and consider when purchasing a new home. And Atlas Law Group can help you make sense of it all.
Throughout our tenure, we’ve helped countless individuals and families navigate the complexities of real estate transactions and get the homes they deserve. During this time, we’ve been asked several questions that pop up routinely. Let’s take a look at those and provide some answers to these common questions.
Before you sign an Agreement of Purchase and Sale, it’s always a good idea to consult a lawyer. You may include a clause in your Agreement that makes your offer conditional after a lawyer has reviewed and approved its terms. This process is invaluable for a few reasons, including:
If you are a resident of Ontario, you may be eligible for the Land Transfer Tax Rebate, totaling up to $4,000.00. To qualify, however, you must meet different criteria to determine if you are a first-time homebuyer, including:
Still, it’s important to consult a lawyer to ensure you meet all eligibility requirements, as there may be issues that prevent you from qualifying. We can help you determine your eligibility.
It’s always a good idea to have the home inspected before you finalize your Agreement of Purchase and Sale. Remember, though, that it is usually the buyer who pays for the inspection—but doing so is a sound investment. By paying for an inspection, you’re making sure that you won’t have any surprises once you’ve signed the contract. This can end up saving you significant sums on repairs and modifications in the long run.
Home inspections cover a host of issues and take into consideration the house’s age, condition, and any problems with the foundation or other structural elements. Home inspections can reveal:
One of the most important reasons to consult a lawyer about your real estate transactions before you sign your Agreement is so that you have a clear understanding of all you’re responsible for regarding the buy. We’ll help you understand each additional fee outside of your purchase price, including:
Keep in mind that while some costs are fixed, others depend on the price you paid for the house, where it is located, and its condition. We’ll help you make sense of it all so you have the peace of mind you deserve when moving into your new home.
Whether you need guidance on the purchasing process, contract, or help to understand your options as a first-time homebuyer in the Mississauga area, we can help. Reach out to Atlas Law Group today to get started.
