The decision of whether to purchase a house or a condominium depends on a number of factors – the location, the buyer’s needs, and the buyer’s financial capabilities. Either purchase involves specific considerations that your lawyer must consider.
When buying a house, lawyers must ensure good title to the land and they must help to organize and document any necessary financing.
A lawyer will also ensure that your agreement of purchase and sale protects you as much as possible from additional charges on closing. There will always be some additional charges on closing, but a tightly drafted agreement can help to ensure that there are no surprises. The fees paid to a lawyer when you are buying or selling a home can save you additional expense and disappointment.
In the case of a condominium, there are specific issues that a lawyer can assist with. The lawyer will review the status certificate of the building to ensure that the assets in the condo accord in value with the agreement of sale or purchase. When purchasing a condo, you must be satisfied with the unit itself, the common elements in the condo building and the assets and management of the condo building.
Additional aspects such as parking, interim occupancy for new owners, municipal authority for occupancy, condominium declaration and the transfer process of the title all require the work of an experienced lawyer to finalize the transactions.