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- Before you sign an offer to purchase
An offer to purchase is a contract that is binding on both you, the buyer, and on the vendor. Seeing a layer before you sign that offer can help avoid difficulties later on, and ensures that your best interests are protected.
For example, your lawyer can advise you to:
- include escape clauses that will aloow you to cancel your offer if you cannot proceed with the purchase. For instance, you may want to cancel your offer if you discover that the property is not what you thought it was, you were not able to arrange the mortgage you need, or you were unable to sell your present home.
- request a warranty that the property conforms to all municpal by-laws, zoning regulations and housing standards
- include an exact listing of the accessories that you expect to buy with the home
- require that the vendor produce an up to date survey
- request that your deposit be held in a bank account that will pay you interest
Your lawyer can also help you determine exactly how much it will cost to buy the house. You need to plan for extra costs such as land transfer tax, document registration fees, search fees, legal fees, and monies that you will have to pay the vendor for items such as heating oil already in the tank or any pre-paid utility bills and taxes - none of which are included in the purchase price.
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