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Real Estate Contracts Law: How to Protect Your Property Purchase
Buying real estate is a huge financial undertaking, and certainly an investment worth protecting. The truth of the matter is that even a slight mistake in your real estate purchase contract can cost you dearly.
In this article, we are going to walk you through 5 mistakes to avoid when it comes to a real estate purchase and sale contract.
#1. Never Rely on Facts Stated in the Listing Agreement
Are you wondering if size matters when it comes to the purchase agreement? Yes, it does. Usually, the listing agreement rounds up the square footage of the property and the lot size. It may or may not include a disclaimer about the accuracy of the information provided.
As a buyer, however, it is crucial to have the property professional surveyed, measured, and reviewed against seller-provided data. This way, you can be sure that the size indicated in your purchase contract is accurate. Even better, it’s rare for a seller to make a representation regarding the size of their house.
#2. Don’t Ignore GST
Sure, the Purchase Contract law fails to mention anything about GST (Goods and Services Tax). Legally, the seller is not contractually obliged to provide GST representation after the contract has been signed. That’s why it is paramount that you expressly include a clause in the agreement stating that the purchase price is inclusive of GST costs.
#3. Don’t Guess whether there’s a property transfer tax or not
When it comes to property transfer tax, it’s not a matter of guesswork. Refer the matter to your real estate litigation or contract lawyer so you can be sure whether to include it or not.
#4. Make Sure That the Seller Has the Right to Sell the Property
It is not uncommon for some people to transfer ownership of a family or community property into a limited liability company or trust. This way, the person may have the authority to sell the property if the power of attorney has expired. If you buy such a property without digging further, you will be surprised to learn that the seller who you entered into a real estate purchase agreement didn’t have the right or sole authority to sell the property.
#5. Make Sure Legal Description of the Contract is Complete
For a house to be sold legally, it must be fully described in the purchase and sale agreement. It must describe the property in its entirety and in a clear, unique, and unambiguous manner.
There you have it – 5 crucial mistakes to avoid at all costs regarding your real estate purchase and sale contract.
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Queens Real Estate Associates
13529 Kew Gardens Rd
Richmond Hill NY 11418